Trees may migrate northward in response to climate change and become exposed to new photoperiod and soil moisture regimes. This study assessed the impacts of photoperiod and its interaction with soil moisture and carbon dioxide concentration ([CO2]) on the hydraulic conductivity in jack pine (Pinus banksiana Lamb.) and its vulnerability to xylem embolism. Seedlings were exposed to 400 vs. 950 μmol·mol−1 [CO2], 60%–70% vs. 30%–40% (of field capacity) soil moisture, and photoperiods of seed origin and 5° and 10° north of seed origin in greenhouses. Cavitation vulnerability curves were measured for determining the xylem pressure at which 50% hydraulic conductivity was lost (ΨPLC50). It was found that elevated [CO2] significantly increased hydraulic conductivity, whereas low soil moisture decreased it. Under elevated [CO2], the xylem became progressively more vulnerable to embolism with changes in photoperiod regime from the seed origin to 10° north of the seed origin, as indicated by the progressively less negative ΨPLC50. However, no such a trend was detected under the ambient [CO2]. The results suggest that the species may become less resistant to drought as the atmospheric [CO2] increases, hindering the northward migration or seed transfers. Even within its current natural distribution range, trees near its northern boundary of the range may be more vulnerable to embolism as the atmospheric [CO2] increases even without any change in moisture conditions.