We conducted a pot experiment using 5monthold Phoebe bournei seedlings with twofactor including four light treatments (100%, 41.3%, 14.3%, 3.6% Nature Source light) and four nitrogen levels (0, 0.5, 1, 2 mol/L) to study the photosynthetic physiological characteristics of Phoebe bournei under the interaction of light and nitrogen, to explore the physiological mechanism of its adaptability to the environment. The results showed that: (1) shading and nitrogen could significantly improve the photosynthetic pigment content of P. bournei. With the decrease of light intensity, the soluble sugar (SS), soluble protein (SP), net photosynthetic rate (P_n), stomatal conductance (G_s), maximum net photosynthetic rate (P_max), dark respiration rate (R_d), apparent quantum coefficient (AQY) in leaves of P. bournei seedlings increased firstly and then decreased under the same nitrogen, and the highest was at 41.3% natural light level. The intercellular CO₂ concentration (C_i), transpiration rate (T_r), light saturation point (LSP) and light compensation point (LCP) decreased at the same term. The maximum photochemical efficiency (F_v/F_m) and potential activity (F_v/F_o) of PSⅡ increased with the decrease of light intensity. (2) With the increase of nitrogen application, SS, SP, photosynthetic gas exchange parameters and characteristic parameters of light response curve of P. bournei leaves increased firstly and then decreased, F_v/F_m and F_v/F_o decreased then ascend. (3) There was a significant interaction between different light and nitrogen levels. Membership function analysis results showed that 41.3% natural light and 0.5 mol/L pure N treatment had the best effect, the research indicated that the P. bournei seedlings were photophilous and shade plant, and the combination of suitable shading and nitrogen application can significantly improve the osmotic adjustment ability, improve the utilization rate of light energy, and promote photosynthesis of P. bournei, while full light, excessive shading, nitrogen deficiency, or excessive nitrogen application were not conducive to the normal physiological metabolism of P. bournei.