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Abstract Forest productivity may be determined not only by biodiversity but also by environmental factors and stand structure attributes. However, the relative importance of these factors in determining productivity is still controversial for subtropical forests. Based on a large dataset from 600 permanent forest inventory plots across subtropical China, we examined the relationship between biodiversity and forest productivity and tested whether stand structural attributes (stand density in terms of trees per ha, age and tree size) and environmental factors (climate and site conditions) had larger effects on productivity. Furthermore, we quantified the relative importance of environmental factors, stand structure and diversity in determining forest productivity. Diversity, together with stand structure and site conditions, regulated the variability in forest productivity. The relationship between diversity and forest productivity did not vary along environmental gradients. Stand density and age were more important modulators of forest productivity than diversity. Synthesis . Diversity had significant and positive effects on productivity in species‐rich subtropical forests, but the effects of stand density and age were also important. Our work highlights that while biodiversity conservation is often important, the regulation of stand structure can be even more important to maintain high productivity in subtropical forests.