Quantifying plant carbon (C) allocation among different pools is critical for understanding and predicting how C turnover responds to global climate change in terrestrial ecosystems. A field experiment with increasing warming and nitrogen (N) was established to investigate interactive effects on plant C allocation in alpine meadows. Open-top chambers (OTCs) were used to simulate warming. In OTCs, daytime air and soil temperature at 5 cm depth increased by 2.0 and 1.6 °C, respectively, compared with ambient conditions, but soil moisture at 5 cm depth decreased by 4.95% (v/v) from 2012 to 2014. Warming reduced aboveground biomass by 38, 36, and 43% in 2012, 2013, and 2014, respectively, and increased belowground biomass by 64% and 29% in 2013 and 2014, respectively, and the root-to-shoot ratio was significantly increased. Specifically, warming increased the proportion of plant roots in the deep layers (10–20 cm). Both N addition and its combination with warming substantially enhanced belowground biomass. Pulse-labeling experiments for 13 C revealed that warming reduced the translocation of assimilated C to shoots by 8.8% (38.7% in warming, and 47.5% in the control CK), and increased the allocation to root by 12.2% (55.5% in warming, and 43.3% in CK) after 28 days labeling. However, N addition increased the proportion of assimilated C allocated to shoots by 6.5% (54.0% in N addition, and 47.5% in CK), whereas warming combined with N addition reduced this proportion by 10.9%. A decline in soil water content in the surface layer may be the main cause of plants allocating more newly fixed photosynthate to roots. Therefore, plants promoted root growth to draw water from deeper soil layers (10–20 cm). We concluded that climate warming will change the allocation patterns of plant photosynthates by affecting soil water availability, whereas N addition will increase plant photosynthates aboveground in alpine meadows and thus will significantly affect C turnover under future climate change scenarios.