β-diversity patterns (the compositional variations across sites) and their drivers are the major concerns of biodiversity research and conservation practices, whereas such information remains scarce for vascular epiphytes, especially in tropical forest communities. This study aimed to reveal the pattern and driving process of the compositional variations of vascular epiphytes in a tropical cloud forest on Hainan island, southern China, and their differences from those of terrestrial woody plants. To this end, we quantified their between-habitat compositional variations and distinguished the underlying components of β-diversity (nestedness and turnover). We then examined the relative roles of niche-based and neutral processes in driving the compositional variations by using a null model approach. Our results showed that the between-habitat compositional variations were significant for both plant assemblages and stronger in vascular epiphytes than in terrestrial woody plants. The turnover component of β-diversity was significantly stronger in terrestrial woody plants, accounting for 73.16%–80.08% of the variations. By contrast, the nestedness component was significantly stronger in vascular epiphytes and characterized 46.82%–67.5% of the variations. Besides, the compositional variations of both plant assemblages, especially terrestrial woody plants, were generally poorly fitted by the simulated niche-based scenarios but well fitted by the simulated neutral scenarios. Overall, the compositional variations of both plant assemblages were significant and mainly due to dispersal limitation, albeit to varying degrees. Hence, further studies of these plant assemblages at local scales should not be ideologically limited to the niche-based framework. Moreover, the stronger nestedness observed in vascular epiphytes suggests the greater importance of prioritizing conservation efforts in the species-rich habitats for these plants.