Unlike mulberry (Morus alba, M.a.), paper mulberry (Broussonetia papyrifera, B.p.) can acclimate to Karst soil and incline to alien invasion. The photosynthetic parameters, diurnal changes of carbonic anhydrase, and chlorophyll fluorescence induction, and water potential were measured on sunny days (SD) and cloudy days (CD). Photosynthetic midday depression occurred in B.p. but not in M.a. The irradiance-and CO2-saturated photosynthetic rates of B.p. were significantly higher than those of M.a. There was no significant difference in water use efficiency between the two species on a SD. The maximum fluorescence, maximum quantum yield, photochemical quenching, and relative electron transport rate in the leaves of B.p. were much higher than those in M.a. The activity of carbonic anhydrase (CA) of B.p., on either an SD or a CD, was much greater than that of M.a. Higher transpiration rate (E) and net photosynthetic rate (PN) of B.p. resulted in the lack of water in mesophyll cells. Although a higher CA activity of B.p. supplied both water and CO2 for the photosynthesis of mesophyll cells, water in mesophyll cells was the factor limiting photosynthesis, and the intercellular CO2 concentration of B.p. was high and stable. and Y.-Y. Wu ... [et al.].