Diurnal variation in net photosynthetic rate (PN) of three-year-old plants of Ginkgo biloba was studied under open, O (receiving full sunlight), net-shade, NS (40 % of photosynthetically active radiation, PAR), or greenhouse, G (25 % PAR) conditions. In all three conditions, PN was higher in morning along with stomatal conductance (gs), and intercellular CO2 concentration (Ci), while leaf temperature and vapour pressure deficit were low. The O-plants exhibited a typical decline in PN during midday, which was not observed in NS-plants. This indicated a possible photoinhibition in O-plants as the ratio of variable to maximum fluorescence (Fv/Fm) and photosystem 2 (PS2) yield (ΦPS2) values were higher in the NS- and G-plants. On the contrary, stomatal density and index, chlorophyll a/b ratio, leaf thickness, and density of mesophyll cells were greater in O-plants. Further, higher PN throughout the day along with higher relative growth rate under NS as compared to O and G suggested the better efficiency of Ginkgo plants under NS conditions. Therefore, this plant species could be grown at 40 % irradiance to meet the ever-increasing demand of leaf and also to increase its export potential. and S. Pandey, S. Kumar, P. K. Nagar.