With the improvement of wheat harvest index, the high photosynthetic efficiency breeding will be the main means to further improve wheat yield. In this paper, wheat photosynthesis and chlorophyll fluorescence characteristics in three physiological stages including jointing, heading, and late filling stage were studied by 210 materials. Additional, the correlation of wheat photosynthesis and chlorophyll fluorescence indices were analyzed. The results showed that wheat’s photosynthetic rate averages in jointing, heading, and late filling stage were respectively 13.49, 16.22 and 7.83 μmol/(m2·s), variation ranges were 0.70-22.06, 5.59-25.17 and 0.82-17.1 μmol/(m2·s); intercellular CO2 concentration averages were 222.1, 200.5 and 232.9 vpm, variation ranges are 153.0-330.3, 147.0-275.7, 156.8-321.0 vpm; transpiration rate averages were 3.41, 4.45, 3.28 mmol/(m2·s), variation ranges were 0.67-6.55, 1.97-7.33, 1.03-6.22 mmol/(m2·s); stomatal conductance averages were 0.18, 0.20, 0.10 mol/(m2·s), variation ranges are 0.02-0.44, 0.05-0.52, 0.02-0.27 mol/(m2·s); leaf temperature averages were 27.5℃, 32.2℃, 34.7℃, variation ranges are 18.4-36.4℃, 23.2-37.1℃, 25.5- 42.9℃; initial fluorescence averages mean in jointing and heading stage were 91.9, 40.5, variation ranges are 49.33-125.33, 17.67-63.67, maximal fluorescence averages are 522.6, 224.3, variation ranges were 287.6668.7, 84.3-375.3, all the averages of maximal photochemical quantum yield of PS II was 0.82, the range of variation were 0.78-0.88, 0.75-0.88. Correlation analysis showed that no matter jointing and heading stage or late filling stage, photosynthetic rates were positively correlated with stomatal conductance and transpiration rate, the correlation between photosynthetic rate and intercellular CO2 concentration was not significant in wheat heading stage, but in the jointing and late filling stage the correlation was significantly negative; stomatal conductance, intercellular CO2 concentration and transpiration rate were all positive correlation in wheat three physiological periods, and most reached a significant level; the negative correlation between intercellular CO2 concentration and transpiration rate in the jointing and post-grouting stage reached a significant level too. By correlational analyses between leaf temperature and other photosynthetic indexes, we conclude that the best temperature of wheat photosynthesis was about 20℃; and by correlational analysed between photosynthesis and chlorophyll fluorescence indices, we think that the stability selection of wheat photosynthetic performance should be strengthened in heading stage.