Accurate calculation of photosynthetic parameters by appropriate light response model is an important means to study photosynthetic characteristics of plants. In order to understand the photosynthetic characteristics of fern species in subtropical region, four light response models, namely rectangular hyperbola model, non-rectangular hyperbolic model, exponential model, and modified rectangular hyperbolic model, were used to fit the light response curves of 10 species of ferns in subtropical region. Nine parameters, such as determination factor (R²), light saturation point (LSP), light compensation point (LCP), maximum net photosynthetic rate (P_nmax), dark respiration rate (R_d), and apparent quantum efficiency (AQE), were analyzed to investigate the fitting effect of light response model and photosynthetic characteristics for subtropical fern species. The results showed that the modified rectangular hyperbolic model and non-rectangular hyperbolic model had the best fitting effect on the 10 species of subtropical ferns in this study, and the LSP fitting effect of the modified rectangular hyperbolic model was the best, while the non-rectangular hyperbolic model had the highest fitting accuracy. The clustering analysis of photosynthetic parameters and Technique for Order Preference by Similarity to an Ideal Solution (TOPSIS) showed that the photosynthetic characteristics of 10 subtropical fern species were both similar and species-specific. Polystichum makinoi (Tagawa) had the highest shade tolerance, Parathelypteris glanduligera (Kunze) Ching had the highest strong light tolerance, and Stenoloma chusanum Ching had the highest photosynthetic potential. In conclusion, the non-rectangular hyperbolic model and modified rectangular hyperbolic model are more suitable for the light response curve fitting of subtropical fern species. The 10 subtropical fern species show similarities and species specificity in three photosynthetic characteristics, namely shade tolerance, strong light tolerance, and photosynthetic potential.