[Objective] The study aims to explore the effects of chemical fertilizers reduction and application of microbial fertilizers on growth, photosynthetic physiological characteristics of Lanzhou lily（Lilium davidii var. willmottiae）, and to provide scientific fertilization management for the continuous cropping of Lanzhou lily. [Methods] From 2019 to 2021, fertilization was applied in experimental field of Lanzhou Lily which was located in alpine humid area of Gansu Province, the study set up three different treatments: 100% chemical fertilizers, chemical fertilizers reduction by 30% with microbial fertilizers, chemical fertilizers reduction by 50% with microbial fertilizers. After three years of continuous fertilization, the changes of physiological indexes such as growth, photosynthetic characteristics and antioxidant enzyme activity of each treatment were investigated. [Results]Compared with 100% chemical fertilizers, chemical fertilizers reduction by 30% and 50% with microbial fertilizers could improve the strong seedling index, photosynthetic characteristics and antioxidant enzyme activities of Lanzhou lily to different degrees, the treatment of fertilizers reduction by 30% with microbial fertilizers had best effects between different treatments. Under the treatment of fertilizers reduction by 30% with microbial fertilizers, plant height, stem thickness, leaf area, underground biomass and strong seedling index increased significantly, the photosynthetic pigment content increased, maximum photochemical efficiency of PS Ⅱ（Fv/Fm）、actual photochemical quantum efficiency(ΦPSⅡ)、electron transfer rate(ETR) increased, None photochemical quenching coefficient（NPQ）decreased, the enzyme activity of the antioxidant (SOD、POD、CAT、APX) increased significantly , the content of osmoregulatory substances（proline、soluble protein）increased significantly, the content of malondialdehyde decreased, and the root vitality enhanced significantly. [Conclusion] The fertilizers reduction by 30% with microbial fertilizers could promote the growth of Lanzhou lily, enhance leaf photosynthesis, improve protection enzyme activities and osmoregulatory substances, alleviate the degree of membrane lipid peroxide, and improve root vitality. This study could effectively improve the cultivation environment of continuous cropping Lanzhou lily.