Pinus massoniana is a pioneer species applied in ecological restoration and reconstruction in southern China, which has some advantages of strong tolerance to drought and barren, fast growth and high yield. Therefore, P. massoniana plantation occupies an important part in the forest resources in China. However, the poor nutrient cycling of pure P. massoniana forest results in its low productivity. Accordingly, the study of P. massoniana photosynthetic and physiological characteristics and its resource use efficiency could provide solid theoretical basis for increasing plantation productivity. This paper reviewed the research progress in P. massoniana photosynthetic characteristics and its resource use efficiency. We further analyzed the effects of adversity stress, such as water stress, heat stress, acid rain stress, phosphorus deficiency and aluminum stress, on its photosynthetic and physiological characteristics and resource use efficiency. Under the context of global climate change, the studies of P. massoniana photosynthetic and physiological characteristics, resource use efficiency and their responses to adversity stress, could contribute to developing strategies to manage and protect P. massoniana and extract its potential resistance. Consequently, it can provide scientific theories for increasing the productivity of P. massoniana plantation and preparing improvement strategy for pure forest.