Photosynthetic characteristics of two hybrid rice combinations, Peiai 64S/E32 and Shanyou 63, were compared at the panicle differentiation stage. As compared with Shanyou 63, the new combination Peiai 64S/E32 showed a significantly higher net photosynthetic rate (P-N), apparent quantum yield of carbon assimilation (Phi(c)), carboxylation efficiency (CE), and photorespiratory rate (R-p) as well as leaf chlorophyll content, but a significantly lower dark respiration rate (RD) and compensation irradiance (I-c). It also showed a slightly higher photochemical efficiency (F-v/F-m and DeltaF/F-m') of photosystem 2, a lower non-photochemical quenching (q(N)), and a similar CO2 compensation concentration (F) as compared to Shanyou 63.