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Plant growth is almost always limited by light availability and competition. However, plants are generally plastic and can change their morphology and biomass allocation to optimize growth under suboptimal conditions. We set up a controlled pot experiment with three light availability levels (10%, 20%, and 50%) to study the effect of light and competition on the biomass allocation and leaf morphology in monospecific and mixed pots of recently planted European beech (Fagus sylvatica L.), Norway spruce (Picea abies (L.) Karst.), and Douglas fir (Pseudotsuga menziesii (Mirb.) Franco) saplings using a quantile regression model. Specific leaf area (SLA) showed the strongest reaction and increased with decreasing light availability. Woody aboveground mass fraction (AMF) increased with decreasing light availability, but the effect of light on biomass allocation was less pronounced than on SLA. The SLA, woody AMF, and root mass fraction (RMF) of the two conifer species and European beech varied greatly, with European beech having a higher SLA and RMF than the two conifer species. The associated effect of plant size on biomass allocation was small, and the strength of the association was not meaningful on a practical level. The competitor’s effect on biomass allocation was minor overall and only present for some species, suggesting that species’ functional dissimilarity does not greatly affect allocational patterns in early tree development stages.