This study was conducted in a Pinus sylvestris var. Mongolia plantation within the Xiaotaojiagou watershed of the Winter Olympic venues (Chongli competition area) to explore the influence of forest growth factors, soil physical properties, soil nutrients, and other factors on the competition index (CI) of dominant trees in the plantation. A 20 m × 20 m sample square was established every 300 m, and a total of 20 plots were set. The Hegyi single-tree competition index model and structural equation model (SEM) were used to analyze the dominant tree CI and its association with the forest growth factor, soil nutrient content, and soil physical properties. The CI of Pinus sylvestris var. Mongolia showed a decreasing trend with increases in the forest growth factor, the soil nutrient content, and the soil physical properties. Soil physical properties had the greatest influence on the CI, with a significant negative correlation (p < 0.05) and a total effect of −0.91. The results indicate that the competition index of dominant trees is sensitive to changes in soil physical and chemical properties as well as growth indicators such as diameter at breast height, tree height, and crown width of Pinus sylvestris var. mongolica.