[ Objective] Study on the photosynthesis and fluorescence characteristics in peony under water stress. [ Method ] The two peony varieties Huhong and Luoyanghong were treated by different water stress for determining the photosynthesis and fluorescence characteristics. [ Result ] With the aggravation of water stress, the net photosynthetic rate （Pn） and stomatal conductance （Gs） decreased, while the intercellular CO2 concentration （Ci） increased. Drought could decrease Pn, constrain gas exchange and change the daily photosynthesis. Fo of peony leaf increased and Fv/Fm decreased under water stress especially water logging, causing the inactivation of the PS II reaction center, and the chlorophyll fluorescence characters gradually recovered until afternoon. [ Conclusion] The 75% soil relative water content （SRWC） is the best condition for growth of peony. Compared with drought, water logging is more unfit for the growth of peony. For the two varieties, Huhong assumed more tolerance to drought, accordingly more adaptability.
