The aim of this study was to determine the photosynthetic adaptability of Rhododendron species to alpine environments. The chlorophyll fluorescence parameters and rapid light response curves of eight Rhododendron species were determined under field conditions across elevation gradients (at elevations of 2,950, 3,560, 3,660, 3,770, and 4,030 m) in the Jiaozi Mountain National Natural Reserve, Yunnan Province, southwestern China. The effect of different elevations, species, and their interactions significantly affected most of the chlorophyll fluorescence and rapid light response curve parameters. The variable to maximum fluorescence ratio (F-v/F-m) ranged from 0.78 to 0.81 at the five elevation gradients. This result indicated that the studied species were well grown and adapted to the current environment. The correlation analysis indicated that the elevation was positively significantly correlated with the photochemical efficiency of photosystem II, electron transport rate, maximum electron transport rate, light saturation coefficient (E-k), and chlorophyll relative content (SPAD: leaf chlorophyll content index) and was negatively significantly correlated with photochemical quenching, nonphotochemical quenching, and linear initial slope values. Although no significant relationship was observed between the elevations and F-v/F-m, the apparent difference in F-v/F-m both at elevation gradients and elevation x species levels indicated that the Rhododendron species demonstrated species-specific adaptation to the environment at different elevations. Our results provided evidence that Rhododendron species exhibit variations in photosynthetic activities in an alpine environment at different elevations. These differences may improve the understanding of the physiological adaptation variations of Rhododendron species across elevation gradients in association with climate change in the mountains of southwestern China.