Pinus thunbergii and Euonymus japonicus are two species commonly found in arid and semi-arid areas; however, their responses in terms of physiological traits and soil properties under drought and cadmium (Cd) stress are not clear. In this study, we carried out single and combined stress treatments consisting of drought and Cd on saplings of P. thunbergii and E. japonicus and investigated the responses in terms of the physiological traits and soil properties of both species. For both species, under single Cd stress, Cd was observed in both the xylem and phloem, while the root Cd2+ flow rate fluctuated at different levels of Cd stress. Under both single and combined stress, as the stress level increased, the abscisic acid (ABA) content of the leaves and roots increased significantly, while the indole-3-acetic acid (IAA) content of the leaves and roots decreased significantly. Moreover, the non-structural carbohydrate (NSC) content of the leaves, stems, and roots, as well as the leaf chlorophyll content, decreased significantly. Under drought stress, the xylem water potential and hydraulic conductivity significantly decreased, which was exacerbated by Cd stress; this led to a more significant decrease in water potential and hydraulic conductivity under the combined stresses. Meanwhile, no significant changes in the conduit lumen diameter and double-wall thickness were observed, except for the double cell wall thickness of the P. thunbergii tracheid, which increased. In addition, both the single stresses and the combined stress of drought and Cd induced significant changes in the soil properties of the two species, i.e., the ammonium nitrogen, nitrate nitrogen, and effective phosphorus of the soil increased significantly, and the increase in content was more significant under combined stress. The diversity of the soil microbial community of P. thunbergii saplings significantly increased, while no change was found in its microbial community abundance under the single stresses and combined stress; however, the diversity and abundance of the soil microbial community in E. japonicus saplings showed the opposite pattern, which indicates that the effect of Cd on soil microorganisms is more significant than the effect of drought. The activity of sucrase and catalase in P. thunbergii soil fluctuated under the single stress and combined stress when compared, and the activity of sucrase in the soil of the E. japonicus species decreased. However, its catalase activity increased significantly under the single drought and Cd stress and combined stress when compared. We found that the combined stresses exacerbated the effects of the single stress in both species. Our study provides more detailed information on the responses in terms of the physiological traits and soil properties of the two species under single and combined stress consisting of drought and Cd.
