The authors evaluated the waterlogging tolerance of Yulania stellata and its seedling breeding cultivar Y. stellata ‘Chrysanthemiflora’ and its hybrid cultivar Y. ‘Piroutte’ with Y. salicifolia, to provide theoretical basis for subsequent selection of Y. stellata waterlogging tolerant cultivars. Through 14 days of waterlogging stress, the changes of 14 indexes related to leaf physiology, endogenous hormones and photosynthetic characteristics of three Yulania materials were studied. Using principal component analysis, the importance of superoxide dismutase (SOD), malondialdehyde (MDA), soluble protein, abscisic acid (ABA) and 1-aminocyclopropane-1-carboxylic acid (ACC) as indicators of waterlogging tolerance was compared and waterlogging tolerance was evaluated. The waterlogging tolerance of the five indicators was evaluated by the membership function analysis method. The results showed that: (1) The contents of P_n, G_s, T_r, chlorophyll, origin fluorescence, maximum fluorescence, PSⅡ maximum photochemical quantum yield, PSⅡ effective photochemical quantum yield and soluble protein in the leaves of the three Yulania materials were significantly decreased after waterlogging stress, and the contents of MDA, ABA and SOD activity were increased by different degrees. However, the intercellular CO₂ concentration and ACC of Y. stellata ‘Chrysanthemiflora’ and Y. stellata treatment groups increased significantly, while the C_i and ACC of Y. ‘Piroutte’ decreased significantly. (2) The importance of physiological and endogenous hormone indicators to evaluate the waterlogging tolerance of three Yulania materials was in order: ACC, SOD, ABA, soluble protein, and MDA. (3) According to the comprehensive evaluation of the three cultivars by principal component analysis and membership function analysis, the waterlogging tolerance of the three Yulania materials was in the order of Y. ‘Piroutte’, Y. stellata and Y. stellata ‘Chrysanthemiflora’.