Objective: To study the changes of growth, physiological and absorption characteristics of Pinus bungeana under ozone (O₃) stress, to elucidate the correlations among the indicators, and to determine its degree of response to O₃. Methods: The growth, physiological characteristics and O₃ uptake capacity of Pinus bungeana seedlings were measured in an open-top O₃ fumigation manual control experiment with three concentration gradients (NF: normal atmospheric O₃ concentration, NF40: normal atmospheric O₃ concentration plus 40 nmlol/mol; NF80: normal atmospheric O₃ concentration plus 80 nmol/mol), and the relationships between the characteristics of Pinus bungeana under different O₃ concentrations were investigated with correlation analysis, redundancy analysis and analysis of variance. Results: (1) Plant height growth (ΔH), diameter growth at 50 cm (ΔDBH), stomatal size (S), stomatal density (M), stomatal opening (K), stomatal conductance (G_s), net photosynthetic rate (P_n), transpiration rate (E_t), water use efficiency (WUE), maximum photochemical efficiency (F_v/F_m), chlorophyll content (CHL), whole tree water consumption (W), and O₃ uptake rate () all decreased with the increase of O₃ concentration; while intercellular CO₂ concentration () and relative conductivity (L) increased with the increase of O₃ concentration; (2) growth indicators of Pinus bungeana under O₃ stress (ΔH, ΔDBH) were the most correlated with O₃ uptake status (, W), followed by photosynthetic indicators (, WUE, ,, ) and growth indicators (ΔH, ΔDBH) and stomatal characteristics (K, M, S) under O₃ stress, some physiological indicators (L, ) were relatively weakly correlated with photosynthesis (, WUE,,, ) and stomatal (K, M, S); (3) all the indicators of Pinus bungeana were significantly different under O₃ treatments of NF and NF80 (P < 0.05), ΔH, ΔDBH, M, CHL, , , W and were most significantly different under NF and NF40 treatments, and K, S, WUE, , , , L were more significantly different under NF40 and NF80 treatments. Conclusion: The experiment proved that the growth of Pinus bungeana was slowed, photosynthetic capacity was reduced, and the absorption capacity of O₃ was further reduced by long-term exposure to high concentration of O₃. The growth of Pinus bungeana was most correlated with the changes of O₃ absorption characteristics, and the stomatal characteristics were most correlated with photosynthetic physiological characteristics, and the reduction of photosynthetic capacity etc. further led to the curtailment of its growth.