The remote assessment of soil contamination remains difficult in vegetated areas. Recent advances in hyperspectral spectroscopy suggest making use of plant reflectance to monitor oil and gas leakage from industrial facilities. However, knowledge about plant response to oil contamination is still limited, so only very few imaging applications are possible at this stage. We therefore conducted a greenhouse experiment on three species long-term exposed to either oil-contaminated or water-deficient soils. Reflectance measurements were regularly performed at leaf and plant scale over 61 days of exposure. Results showed an increase of reflectance in the visible (VIS), the red-edge and the short-wave infrared (SWIR) under both oil and water-deficit stress exposure. A contrasted response in the near-infrared (NIR) was also observed among species. Spectra underwent transformations to discriminate species’ responses to the different treatments using linear discriminant analysis (LDA) with a stepwise procedure. Original and transformed spectra enabled to discriminate the plants’ responses to the different treatments without confusion after 61 days. The discriminating wavelengths were consistent with the spectral differences observed. These results suggest differential changes in plant pigments, structure and water content as a response to various stressors, and open up promising perspectives for airborne and satellite applications.