We explored the different photosynthetic characteristics of three Pseudosasa cultivars: P. japonica, P. japonica f. akebonosuji, and P. japonica f. akebono. The differences in photosystem activity and photosynthetic characteristics of different leaf colors were revealed by the changes of chloroplast ultrastructure and fluorescence kinetics curves. The results showed that the photosynthetic pigment content of the three species was significantly different. Except for the intact thylakoid layer structure in the white part of the chloroplast, the green streak and the radix were significantly less than the radix. The chloroplast developmental maturity is inconsistent; the OJIP curve and parameters indicate that the open reduction of the flowering green leaf and the saplings of the PSII reaction center is lower than that of the yam, the capture energy that is used for the electron transfer share to be smaller, and the PSII activity is weaker; The redox balance of the electron transport chain of bamboo leaves P700 to Q_A is biased towards the reducing side, and it is presumed that the P700 reaction center P700 to PSII primary electron acceptor Q_A electron transport chain is damaged. Therefore, the chloroplast development caused by changes in PSII activity in the photosystem is immature, which may be the direct cause of the difference in leaf color of the species.