Natural regeneration is crucial for the development of sustainable forestry practices in light of the current global climate changes. In this paper, we compared the size distributions of Quercus acutissima seedlings in the understory of Q. acutissima forest plantations in Mount Tai in 2010 and 2017, studied the physiological and morphological responses of seedlings to the microenvironment, and explored the maintenance mechanisms of the seedling bank. The results showed that the density of understory seedlings in 2017 was only 61.63% of that in 2010, especially in the 20–40 cm height class. Between 2011 and 2016, the precipitation and soil water content were the highest in 2011, followed by 2013. The 2–4-year seedlings (height < 40 cm) were not significantly different in seedling biomass, biomass allocation, and root morphology (root total surface area, root volume, and root average diameter), and were significantly different in total root length, specific root length, specific root surface area, and nonstructural carbohydrate content of root, stem, and leaves. However, 5–6-year seedlings (height > 40 cm) showed the largest biomass. Principal component analysis indicated that altering root morphology, nonstructural carbohydrate, and biomass allocation played significant roles in the drought adaptation of seedlings in the understory. In conclusion, drought stress together with seedling adaptation influenced the dynamics of seedling bank in the understory of Q. acutissima plantations.