This study attempts to determine which of the habitats occupied by Filipendula vulgaris creates better conditions for its growth and development. Selected physiological parameters—PSII activity, chlorophyll content, electrolyte leakage, hydrogen peroxide content as well as biomass, the occurrence of mycorrhiza, and soil characteristics—were investigated. Grassland soils had a higher content of macronutrients and a lower concentration of heavy metals. The degree of colonization of F. vulgaris by AMF (Arum type) oscillated around high values in both types of stands. Plants growing on xerothermic grasslands achieved much better fluorescence parameters than those collected from meadows. Similar results were obtained from the analysis of chlorophyll content. The destabilization degree of cell membranes was significantly higher in plants collected in meadows than in grasslands. Biomass analysis showed higher values of these parameters in grassland plants. In the case of the parameters of fluorescence emission, plants growing on grasslands achieved significantly lower values than plants collected from meadows. The analyses carried out showed that better conditions for growth and physiological activity of F. vulgaris are probably associated with grasslands on a calcareous substrate.