The effects of shading treatments ［0(CK， full light), 30%, 50% and 70% shading］ on photosynthesis and anatomical structure in leaves of 2yearold Phoebe bournei seedlings. It provides a theoretical basis for the rational cultivation and the tree species arrangement in plantations of P. bournei. The results showed that: (1) the net photosynthetic rate (P_n), transpiration rate (T_r), stomatal conductance (G_s), maximum net photosynthetic rate (P_nmax), light saturation point (LSP), light compensation point (LCP) and dark respiration rate (R_d) of seedlings significant decreased in shading intensity compared to that under full light; Under 30% and 50% shading, the seedlings could fully utilize lowlight environment by increasing chlorophyll content, water use efficiency (WUE) and apparent quantum yield (AQY). The seedlings could not grow well under 70% shading treatment. (2) Under shading, the stomatal density of the leaves decreased. However, the area of stomata apparatus were significantly influenced. Under shading, the leaf and main vein thickness decreased. The thickness and the ratio of the palisade tissue and the sponge tissue were reduced and the arrangement of the palisade tissue becomes loose which is beneficial to improve the utilization efficiency of the light energy. (3) The biomass of root, stem, leaf and total biomass were the largest under full light that means shading inhibited the biomass accumulation of seedlings. It was found that the seedlings of P. bournei showed a decrease in biomass accumulation and photosynthetic efficiency under shading treatment, but at the same time, it showed adaptability to shading in the leaves anatomical structure and function, thus showing a certain tolerance to negative.