The beneficial effect of arbuscular mycorrhizal (AM) fungi on plant growth is well known, but the physiological processes involved are still discussed. The purpose of this study was to determine if Glomus mosseae affects the growth of Hevea brasiliensis seedlings and, if it is the case, if it could be associated with variations in leaf CO2 and H2O gas exchange. H. brasiliensis rubber trees were grown for 9 months in a medium containing either propagules of G. mosseae or sterilized inoculum. Plant size, root collar diameter and leaf area, as well as net CO2 assimilation, stomatal conductance (gs) and water-use efficiency of photosynthesis were evaluated during the first 5 stages of growth. At stage 2, a growth depression occurred in the mycorrhizal seedlings coincident with the first AM infections. Then, at stage 5, Glomus mosseae-inoculated plants had moderate colonization (47% of root length) and were taller than control plants with a larger root collar diameter and an enhanced leaf organogenesis. This enhanced growth was accompanied by increased photosynthesis, transpiration, and stomatal conductance. After 9 months, dry weights of shoots and roots of inoculated plants were greater than those of controls by 27 and 17%, respectively.