Effect of different shading treatments (0, 40%, 60% and 80% shade) on the photosynthetic characteristics and anatomical structure of Trollius chinensis Bunge was studied to provide some theoretical basis for introduction, domestication and cultivation of the species. The results showed that the significant midday depression of net photosynthetic rate at noon was observed for T. chinensis under the full sunlight treatment, while the depression was not significant under the shading treatments. The net photosynthetic rate increased at 40% shade but decreased at 80% shade. The transpiration rate and stomatal conductance increased while the vapor pressure deficit reduced at both 40% and 60% shade, which was helpful to photosynthesis. The stomata limitation, stomatal conductance and vapor pressure deficit were highest in the 80% shade treatment by comparison with other shade treatments, which suppressed net photosynthetic rate and transpiration rate of the plants. The fact that dark respiration and light compensation point declined in the shading treatments and that the 40% and 60% shading treatments resulted in increase of the apparent quantum efficiency and maximum net photosynthetic rate of the species indicated that T. chinensis had shade tolerance to some extent. The results also showed that there was a close relation between the photosynthetic characteristics and anatomical structure of T. chinensis. Shading treatments resulted in decrease of stomatal density and stomatal index, while increased the stomatal size. The average number of stomata in a leaf did not significantly change at 40% and 60% shade treatments, however, the average size of stomata increased.Leaf thickness also increased. The thickness of palisade tissue and layers of palisade cells reduced, while the breadth of palisade tissue enlarged. In particular, a tendency of palisade tissue changing into spongy tissue was also observed. The thickness of spongy tissue increased and the ratio of palisade tissue to spongy tissue decreased. The gaps between the cells of both palisade tissue and spongy tissue became larger as the increase of shading degree. The above changes of the mesophyll tissue structure were helpful for T. chinensis to improve the utilization of luminous energy. The shading treatment was also able to promote the development of vascular bundle and increase the number of vascular bundle and significantly increased the differetiation of xylem and phloem. The number of catheter in midrib and the diameter of catheters in midrib increased, which was helpful to increase the net photosynthetic rate and transpiration rate.