In this study, rice (
Oryza sativa L.) cultivar “Liao Star 1” was used as the material to examine the effects of high CO
2 concentration and drought stress on photosynthetic physiology of rice seedlings under CO
2 concentrations of 380±10 and 760±20 μmol·mol
-1, aiming to provide a theoretical basis for explaining how plants cope with complex environmental changes. PEG-6000 (0, 5%, 10%, and 15%) was used to simulate rhizosphere drought stress. Single drought stress inhibited the growth of rice seedlings, decreased plant height, root length, fresh weight and dry weight, with stronger inhibitory effect on aboveground part than that on underground part, and on fresh weight than on dry weight. Under drought stress, net photosynthetic rate (
Pn), stomatal conductance (
Gs) and transpiration rate (
Tr) were significantly decreased compared with the control. Under light (5%) and moderate (10%) drought stress, intercellular CO
2 concentration (
Ci) decreased, and the decrease of
Pn was largely due to stomatal factors. Under severe (15%) drought stress,
Ci increased, and the decrease of
Pn was largely due to non-stomatal factors. The chloroplast pigment contents, initial fluorescence yield (
Fo), largest PSII photo-chemical quantum yield (
Fv/
Fm), and potential photochemical efficiency (
Fv/
Fo) did not change significantly under mild drought stress.
Fo did not change significantly under moderate drought stress, but significantly increased under severe drought stress. Under moderate and severe drought stress,
Fv/
Fm,
Fv/
Fo and Chla, Chlb, Car contents were significantly decreased. Compared with the control, high CO
2 concentration alone promoted the growth of rice seedlings, plant height and root length, with stronger promotion effect on root than plant height. The dry weight of underground part increased significantly due to its promoting effect on dry weight than fresh weight. High CO
2 concentration significantly increased
Pn, and decreased
Gs,
Tr and
Ci. Photosynthesis was also increased by the increases of
Fv/
Fm,
Fv/
Fo and Chla, Chlb, Car contents. Under high CO
2 and water stress, high CO
2 promoted the growth of rice seedlings compared with water stress alone,
Pn,
Gs and
Tr were also significantly increased. Photosynthesis was promoted by the increases of
Fv/
Fm,
Fv/
Fo and contents of chlorophyll and decrease of
Fo, and thus reduced damage induced by water stress. The decrease of
Pn under severe water stress transformed from non-stomatal factors to stomatal factors.