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The growth and physiological effects of either decreased precipitation (e.g., drought) or increased one (e.g., flooding) on trees have been extensively studied. However, less attention has been paid to the questions of whether and how trees respond to changes in precipitation regime with different rainfall amounts. To investigate the effects of water availability on sapling’s growth, tissue levels of non-structural carbohydrates (NSCs), and nutrients, we carried out a greenhouse experiment with Masson pine (Pinus massoniana Lamb.) saplings grown in precipitation amounts of 300, 500, and 700 mm (3 levels) in combination with two levels of a watering regime (i.e., regular watering vs. pulsed watering, i.e., frequent low rainfall coupled with fewer instances of heavy rain) for a growing season in subtropical China. Pulsed watering caused higher soil pH (>7.5) but lower soil organic carbon and soil nutrients, and consequently led to smaller plant biomass and height of the saplings than regular watering, especially in the water amount treatment of 300 and 500 mm. Additionally, higher levels of NSCs in plant tissue concentrations were observed under pulsed watering than under regular watering, due to greater carbon consumption for supporting higher growth rate and a dilution effect by bigger plant size and biomass in the latter. Our results indicated that the growing season precipitation amount of 300 mm is sufficient for the drought-tolerant tree species P. massoniana. In such a case, the growing season precipitation regime rather than the precipitation amount will have a much stronger impact on the tree performance.