Abstract: To study the differences between characteristics of photosynthesis and transpiration of red and green leaves of Photinia serrulata, and to explore the adaptability of the two kinds of leaves to environmental changes, we measured their parameter values including the net photosynthetic rate (Pn), transpiration rate (Tr), stomatal conductance (Gs), intercellular CO2 concentration (Ci), water use efficiency (WUE) and stomatal limiting value (L) under the same environment, such as temperature, humidity and light intensity. The results showed that: (1) the photosynthesis of red leaves was stronger than that of green leaves; when light intensity was relatively high, green leaves appeared midday depression phenomenon (non stomatal factors), and red leaves did not; the daily mean value of Pn of red leaves was higher, and the gas exchange was stronger than that of green leaves; (2) both Tr and Gs of green leaves were weaker than those of red leaves, and there were significant differences in Gs between the two kinds of leaves; the WUE of red leaves were always lower than that of green leaves. Thus, the regulatory mechanism of red leaves adapting to changes of external environment is not as strong as that of green leaves, at the same time the drought resistant capacity of red leaves is also weaker than that of green leaves.