Variations of photosynthesis and chlorophyll fluorescence for winter wheat leaves under limited irrigation were analyzed. Meanwhile stomatal and non-stomatal limitations of photosynthesis in winter wheat under limited irrigation were also discussed. The results indicate that mild limited irrigation does not significantly affect photosynthesis and chlorophyll fluorescence. At the flowering and early grain filling stages, stomatal limitation resulted from moderate and severe limited irrigation is the major factor resulting in the reduction of photosynthesis rate. However, at the late grain filling stage, the maximum photochemical efficiency of photosystem II is significantly reduced due to moderate and severe limited irrigation, and non-stomatal limitation becomes the major factor in reducing the photosynthesis rate. 