Oxygen may enhance CO2-saturated photosynthesis in intact leaves, which display the Warburg effect when illuminated at the current atmospheric level of CO2 and O2, of about 350 microl l(-1) and 21%, respectively. The magnitude of the stimulation depends on irradiance. The K(M)(O2) of the stimulation is 128 microM (10.6% O2). Maximum enhancement in wheat leaves is 6.1 and 5.3 micromol m(-2) s(-1 )under 27.9 and 18.7 mW cm(-2), respectively, corresponding to a 25-30% increase in the ribulose 1,5-bisphosphate (RuBP) turnover rate if compared with O2-free ambient gas phase. The stimulation appears in 5-10 s after a sharp increase in O2. In response to a decrease in O2, the new stabilized rate is reached in 5-7 min. The stimulation does not involve any increase in the activity of Rubisco. The effect correlates with increased concentration of RuBP. Oxygen enhances CO2-saturated photosynthesis by acting as a terminal electron acceptor in the photosynthetic electron transport. The magnitude of the effect may be adopted as an index of the pseudocyclic photophosphorylation in vivo.