Wild and cultivated varieties of Camellia oleifera Abel. were studied for the response of their photosynthetic apparatus to Al toxicity and low-P stress in pot experiments with medium of acidic red soil. The effect was measured using physiological processes (growth, photosynthesis, chlorophyll a fluorescence), and pigment contents. The results showed that Al toxicity and low-P stress affected the seedlings’ growth and leaves’ photosynthesis, and the differences could be found between the two varieties. Lime plus P fertilizer treatment led to higher increase in the net photosynthetic rate (Pn) in the cultivar than in the wild variety. Pn increase was positively related to the increase of stomatal conductance (gs) and negatively correlated to intercellular CO₂ concentration (Ci) in both varieties. The maximum PSII quantum yield (Fv/Fm), the efficiency of excitation energy capture by open PSII reaction centers (Fv’/Fm’), the photochemical quenching (qP) and the efficiency of open PSII centers (ΦPSII) significantly increased almost in all the treatment groups of both varieties, with the exception of an insignificant change in qP value for P₁Al₁ group of cultivar. The insensitive qP and lower Pn for cultivar indicate a higher photosynthetic efficiency for the wild variety, though the ΦPSII was not significant between the two varieties. The pigment contents of oil tea seedlings under treatments changed significantly when lime and P were added, especially the Car/Chl ratio, suggesting carotenoid plays the role of photoprotection under high-Al and low-P stresses.