Questions Soil seed banks buffer plant populations against environmental variability. But environmental changes can have profound impact on them. Several studies addressed the effect of climate change on aboveground vegetation, but studies on changes in the seed bank are rare. Thus, we studied the seed bank of a temperate grassland at a long-term FACE (Free-Air Carbon dioxide Enrichment) site, with the following questions: (a) Are there general differences in the species composition between aboveground vegetation and seed bank; (b) what are the impacts of elevated CO2 (eCO(2)) on seed density and species composition of the seed bank; and (c) are there differences in the functional traits of the seed bank species under eCO(2) versus ambient CO2 (aCO(2))? Location Temperate grassland, Gie ss en, Germany. Method Thirty soil cores were taken in six FACE rings. Emerging seedlings were identified to species level after germination and aboveground vegetation was sampled. From the seed bank data, we derived diversity measures and weighted means of species traits, e.g., seed longevity and regeneration type, and compared eCO(2) (+20% CO2 above ambient conditions) with aCO(2) treatment. Results Nonmetric multidimensional scaling ordination revealed a clear separation between seed bank and aboveground vegetation but no clear CO2 effect. Analyses revealed higher seed densities under eCO(2). Species diversity and Shannon diversity were not significantly affected. Evenness decreased significantly under eCO(2). There are shifts in functional traits of seed bank species. Seed density of long-term-persistent species increased, while short-term-persistent species decreased. Seed densities of species with generative reproduction increased under eCO(2), while numbers of species with vegetative reproduction decreased. Conclusion The observed trait compositions of the seed bank under eCO(2) indicate that species relying on generative reproduction and production of long-term-persistent seeds have a competitive advantage under eCO(2). The changes in the plant communities described above may lead to profound changes in the supply of grassland ecosystem services.