Water and potassium are limiting factors for tree growth. Their influence on morphology and anatomy are well known, but their combined effects on tree growth remain to be clarified. A single clone of Eucalyptus grandis was analyzed under different treatments of rainfall exclusion and fertilization. Eight trees per treatment were sampled to investigate the influence of these treatments on the morphological, mechanical, and anatomical traits. The results showed that the fertilization mainly influenced the morphological and anatomical characteristics. Considering the difference between the fertilized and non-fertilized trees, the function of mechanical support was provided through increasing the diameter and the stiffness. Considering the fertilized trees, two different mechanisms occurred inducing a high stiffness: the wood density was higher for trees with rainfall exclusion; the specific modulus was higher for trees with a normal water supply.