Photosynthetic characteristics and energy value of H. rhamnoides were analyzed. The results show that: (1) photosynthesis of H. rhamnoides was limited by stomatal and non-stomatal factors under drought condition;(2) If water condition was improved, stomatal conduction would been normal, and stomatal conductance could not be impacted by drought during the early stage of growth season, but it was impossible that photosynthetic capacility was recovered; (3)Energy value analysis shows that energy accumulation could not be completed until the end of growth season under drought condition, so the growth in next year was impacted, furthermore, which led to death of the plant.