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Developmental initiation of plant vascular tissue, including xylem and phloem, from the vascular cambium depends on environmental factors, such as temperature and precipitation. Proper formation of vascular tissue is critical for the transpiration stream, along with photosynthesis as a whole. While effects of individual environmental factors on the transpiration stream are well studied, interactive effects of multiple stress factors are underrepresented. As expected, climate change will result in plants experiencing multiple co-occurring environmental stress factors, which require further studies. Also, the effects of the main climate change components (carbon dioxide, temperature, and drought) on vascular cambium are not well understood. This review aims at synthesizing current knowledge regarding the effects of the main climate change components on the initiation and differentiation of vascular cambium, the transpiration stream, and photosynthesis. We predict that combined environmental factors will result in increased diameter and density of xylem vessels or tracheids in the absence of water stress. However, drought may decrease the density of xylem vessels or tracheids. All interactive combinations are expected to increase vascular cell wall thickness, and therefore increase carbon allocation to these tissues. A comprehensive study of the effects of multiple environmental factors on plant vascular tissue and water regulation should help us understand plant responses to climate change.