AbstractForest biomass plays an important role in the global carbon cycle. Therefore, understanding the factors that control forest biomass stocks and dynamics is a key challenge in the context of global change. We analyzed data from 60 forest plots in the subtropical Andes (22–27.5° S and 300–2300 m asl) to describe patterns and identify drivers of aboveground biomass (AGB) stocks and dynamics. We found that AGB stocks remained roughly constant with elevation due to compensating changes in basal area (which increased with elevation) and plot‐mean wood specific gravity (which decreased with elevation). AGB gain and loss rates both decreased with elevation and were explained mainly by temperature and rainfall (positive effects on both AGB gains and losses). AGB gain was also correlated with forest‐use history and weakly correlated with forest structure. Mean annual temperature and rainfall showed minor effects on AGB stocks and AGB change (gains minus losses) over recent decades. Although AGB change was only weakly correlated with climate variables, increases in AGB gains and losses with increasing rainfall—together with observed increases in rainfall in the subtropical Andes—suggest that these forests may become increasingly dynamic in the future.Abstract in Spanish is available with online material