Some aquatic macrophytes commonly found in Taihu Lake, including Trapa bispinosa, Nymphyoides peltatum, Vallisneria natans, and Hydrilla verticillata were collected, and their maximal quantum yield of photosystem II (Fv/Fm) as well as the rapid light curves (RLCs) under conditions of light adaptation and dark adaptation were measured in situ by using a submersible and pulse-amplitude modulated fluorometer (Diving-PAM). The results showed that floating-leaved plants T. bispinosa and N. peltatum had higher potential maximum photosynthetic capacity than submerged macrophytes V. natans and H. verticillata. The measured maximal quantum yield of T. bispinosa, N. peltatum, V. natans, and H. verticillata was 0.837, 0.831, 0.684, and 0.764, respectively. Both the maximal relative electron transport rate and the half saturation point of light intensity of T. bispinosa and N. peltatum were higher than those of V. natans and H. verticillata, especially under the condition of light adaptation.