This study aimed to provide a scientific basis for elucidating the mechanisms by which leaf traits influence the photosynthetic characteristics and breeding of cultivars with high light efficiency. The variation and correlation of the leaf structural, stomatal, and photosynthetic characteristics of 23 Vcmicia montana germplasms were explored using a homogeneous garden test combined with regression analysis, redundancy analysis, and principal component analysis. Results showed extremely significant differences in leaf structure among the different germplasms. There were extremely significant differences in net photosynthetic rate, significant differences in transpiration rate, and intercellular CO2 concentration but no significant differences in stomatal conductance and water use efficiency. Net photosynthetic rate was extremely significantly positively correlated with palisade sea ratio, tissue structure compactness, and stomatal density; significantly positively correlated with palisade tissue thickness and stomatal long axis; and extremely significantly negatively correlated with tissue porosity. The main leaf structures affecting photosynthetic physiology included lower epidermis thickness, palisade tissue thickness, palisade sea ratio, stomatal area, and spongy tissue thickness, which had different degrees of correlation with photosynthetic physiology. Principal component analysis showed that the cumulative contribution rate of the first two principal components reached 94.243%, and the transpiration rate and net photosynthetic rate were the main indicators reflecting the photosynthetic characteristics of the 23 V. montana germplasms, among which PJ, LN, NK-2, XS-1, and PZ showed higher photosynthetic efficiency than the other germplasms. A close relationship was found between the leaf structure and photosynthetic physiology of V. montana. The differences in leaf structure due to geographic climate among V. montana germplasms influence their photosynthetic physiology to adapt to environmental changes. [ABSTRACT FROM AUTHOR]