Abstract: To explore the photosynthetic adaptation of Phoebe bournei to different light conditions, two-year-old P. bournei seedlings were grown under three light regimes (full light, shading rate 50% and 78% of full light). The chlorophyll contents, leaf gas exchange and chlorophyll fluorescence of P. bournei were measured after six-month treatment. The results showed that the contents of chlorophyll a, chlorophyll b, chlorophyll (a+b) and carotenoids in leaves were in a descending order of shading rate 78% > shading rate 50% > full light. There was no significant difference of chlorophyll a/b between natural and shade treatments. The shading treatment reduced light compensation point (LCP), but increased light saturation point (LSP) and apparent quantum yield (AQY), suggesting that plants could utilize both the weak light and the high light. Maximum net photosynthetic rate (P_{n max}), dark respiration rate (R_d), and maximum electron transfer rate (J_max) increased under the shading treatment. There was significant difference between natural and shade treatment in net photosynthetic rate (P_n), stomatal conductance to CO₂(g_sc), intercellular CO₂ concentration (C_i), and mesophyll conductance (g_m). P_n and g_m of different light regimes were sorted from the highest to the lowest as shading rate 78% > shading rate 50% > full light. g_sc under shading rate 78% was higher than that under full light. C_i under shading rate 50% and 78% were lower than that under full light. Actual photochemical efficiency of PSⅡ (F_v′/F_m′), quantum yields of PSⅡ (Φ_PSⅡ), and electron transport rate (J) of P. bournei leaves were significantly higher under shading rate 78% than those under shading rate 50% and full light. In conclusion, P. bournei could increase P_n by increasing chlorophyll content, AQY, J, g_sc, and g_m under shade condition.