In this study, two herbaceous peony cultivars with different heat tolerances (‘Fenyunu’ FYN low sensitivity and ‘Qiaoling’ QL high sensitivity) were used as research materials. An integrated view of the factors underlying the decrease in photosynthetic rate under high-temperature (HT) stress was provided by analyzing the biochemical parameters, chloroplast ultrastructure, gas-exchange parameters, chlorophyll fluorescence, and modulated 820 nm reflection of herbaceous peony leaves. The results showed that hydrogen peroxide, superoxide anion, malondialdehyde, and electrical conductivity increased significantly, while the photosynthetic pigments content and photosynthetic capacity decreased significantly in QL than in FYN under HT. The contents of soluble sugars and proline increased greatly in FYN than in QL, while the activity of SOD decreased markedly in QL than in FYN after HT. Compared with FYN, the ultrastructure of QL was more seriously disrupted under HT. Chlorophyll fluorescence analysis showed that HT changed the shapes of OJIP curve, resulting in the increase of K phase and J phase. The PSII acceptor side was more damaged than the donor side, and the electron transfer was seriously blocked. The energy flow in the process of light energy absorption, capture, and electron transfer were significantly changed after HT stress. Meanwhile, PSI was also significantly inhibited, and the coordination of both photosystems decreased. The variation of these parameters in FYN was less than that in QL. These results suggested that FYN featured a more heat-tolerance ability as evidenced by the good performances on the antioxidant system, osmoregulatory capacity, and the thermostability of membranes and photosystems.
