Bareroot European beech (Fagus sylvatica L.) seedlings are frequently used in reforestation programs in Central Europe. However, beech outplanting is often unsuccessful due to drought stress. In this study, the effects of a simulated water deficit and of a hydrogel and ectomycorrhizal fungi (EMF) application were estimated on the development of 1 + 1 beech seedlings. The roots of 1-year-old bareroot seedlings were treated with the additives at the time of transplanting to pots in spring and then exposed to the whole growing season under different watering regimes: (i) full watering (FW; volumetric water content 70%), (ii) reduced watering (RW; 40%), (iii) periodic watering (PW; substrate rewetted to 70% after drying), and (iv) no watering (NW). Almost all FW seedlings survived the whole growing season, whereas all NW seedlings died after 17 weeks of desiccation. The survival and growth of FW and NW seedlings were significantly higher and lower, respectively, than those under both PW and RW treatments. The additives significantly increased survival in RW seedlings only but had no effect on growth. A promoting effect of FW on the chlorophyll a fluorescence parameters was found. The number and EMF colonization of the short roots were significantly lower in FW seedlings compared to the other watering treatments. The additives did not affect these parameters. The occurrence of neither treatment-specific EMF root morphotype nor fungi applied in the inoculum and traced by molecular analysis indicated the formation of ectomycorrhizas with native EMF in all treatments. The seedlings in the water-deficient treatments exhibited higher foliar nutrient concentrations than FW seedlings. The additives increased the concentration of nutrients in PW and phosphorus in NW seedlings. The results suggest the significant effect of the water supply, but a weaker effect of the additives tested on beech seedling development under experimental conditions.