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Recently, interest in crassulacean acid metabolism (CAM) photosynthesis has risen and new, physiologically based CAM models have emerged. These models show promise, yet unlike the more widely used physiological models of C3 and C4 photosynthesis, their complexity has thus far inhibited their adoption in the general community. Indeed, most efforts to assess the potential of CAM still rely on empirically based environmental productivity indices, which makes uniform comparisons between CAM and non-CAM species difficult. In order to represent C3, C4, and CAM photosynthesis in a consistent, physiologically based manner, we introduce the Photo3 model. This work builds on a common photosynthetic and hydraulic core and adds additional components to depict the circadian rhythm of CAM photosynthesis and the carbon-concentrating mechanism of C4 photosynthesis. This allows consistent comparisons of the three photosynthetic types for the first time. It also allows the representation of intermediate C3-CAM behavior through the adjustment of a single model parameter. Model simulations of *Opuntia ficus-indica* (CAM), *Sorghum bicolor* (C4), and *Triticum aestivum* (C3) capture the diurnal behavior of each species as well as the cumulative effects of long-term water limitation. The results show potential for use in understanding CAM productivity, ecology, and climate feedbacks and in evaluating the tradeoffs between C3, C4, and CAM photosynthesis.