Drift of the herbicides carfentrazone-ethyl and glyphosate may affect the initial growth of eucalyptus. This study aimed to assess the effect of carfentrazone-ethyl and glyphosate drift on photosynthesis, leaf morphoanatomy, and initial growth of two clones of Eucalyptus grandis. Two experiments were carried out in a 2 x 4 factorial scheme, in which factor 1 was represented by two clones of E. grandis and factor 2 by four herbicide underdoses (control, 86.4 g a.e. ha-1 of glyphosate, 3.0 g a.e. ha-1 of carfentrazone-ethyl, and the mixture of 86.4 g a.e. ha-1 of glyphosate + 3.0 g a.e. ha-1 of carfentrazone-ethyl). Herbicide application was carried out by simulating the drift in the lower third of seedling canopy. Assessments were performed 23 days after herbicide application. Both clones presented morphoanatomical changes such as erosion of epicuticular waxes and degeneration of epidermal and parenchymal cells, especially when exposed to carfentrazone-ethyl underdose or its mixture with glyphosate. The clone CLR 383 was the most affected by the tested herbicides and presented the highest injury, lowest initial growth, lowest dry matter, and highest reduction of photosynthetic rate when treated with herbicide mixture, followed by carfentrazone-ethyl and glyphosate underdoses. The initial growth, dry matter, and photosynthesis of the clone CLR 384 were not affected by the carfentrazone-ethyl underdose. Thus, both herbicides applied in isolation or in a mixture reduced the initial growth, dry matter, and photosynthesis of eucalyptus.