The conversion to uneven-aged, mixed-species stands represents one possible way to mitigate the consequences of disturbances in Norway spruce forests in Central Europe. A better understanding of the establishment and growth dynamics of the understory can contribute to a more effective conversion process. Here we investigate the structure of understory, light climate and growth of natural regeneration of Norway spruce and silver fir in two forest stands undergoing conversion to continuous cover forestry. Stand-wise forest inventory was conducted in 1993 and 2013. The natural regeneration was surveyed, and the light conditions and inter-tree competition were quantified in 51 sample plots established across the stands in 2013. Our results suggest that the diffuse radiation strongly affects the height growth of fir and spruce natural regeneration. We do not confirm the effect of local sapling density on the regeneration dynamics. The results further show that fir trees grow faster than spruce under less intensity of diffuse light. Most of the spruce and fir trees reached the upper limit of the lower overstory (DBH 12 cm) at approximately 50 years of age. Thus, more substantial reductions in stand density can lead to a well-differentiated structure in less than five decades. To control the prospective representation of spruce and fir in mixed-species forests undergoing the conversion, managing of light conditions is crucial.