With LiCor-6400 Portable Photosynthesis System, carbon dioxide exchange pattern for leaves of Dendrobium nobile during 24 hours were studied in sunny day and rainy day, and the variation of CO2 exchange rate to light intensity was analysed. The results showed that in sunny day D. nobile absorbed CO2 in all day except at midday, at noon photorespiration took place. The CO2 exchange pattern was similar to Crassulacean Acid Metabolism(CAM). In rainy day CO2 uptake was in all day, at night CO2 uptake was monitored at 21:00, then CO2 released from 23:00 to dawn. Light saturation point was 1000 mumol/m2s. Over light saturation point photosynthesis, photoinhibition of photosynthesis will be induced by high-light. Exposed to high-light, the light saturation point and the CO2 uptake velocity would be decreased. With variation of environmental factors, photosynthetic pathway in D. nobile could change from CAM to C3 photosynthetic metabolism. It may be one of main reasons for D. nobile to adapt to the shade-requiring environment, the slow growth and rareness in nature.