This study was conducted to investigate the influence of shading material on the chlorophyll fluorescence, photosynthesis, transpiration, stomatal conductance and its any correlations in Panax ginseng C.A.Meyer. Fo was higher in polyethylene shade net than in silver-coated shading plate, but this treatment caused a lower Fm in comparison with silver-coated shading plate. Also, Fv/Fm and PhiPS2 showed higher in silver-coated shading plate than in polyethylene shade net. The relationship between net photosynthetic rate and transpiration, stomatal conductance were increased as the PAR (Photosynthetic active radiation) was increased and reached maximum at the $200-400;{mu}mol/m^{2}/s$ of PAR in all of leaves, and the higher in silver-coated shading plate than in polyethylene shade net. A linear equation was obtained between net photosynthetic rate and transpiration, net photosynthetic rate and stomatal conductance. SPAD was higher in silver-coated shading plate than in polyethylene shade net.