Functional stay-green is a beneficial trait that may increase grain yield through the sustained photosynthetic competence during monocarpic senescence in cereal crops. The temporal changes of photosynthesis and related characteristics throughout the grain filling period of a stay-green japonica rice "SNU-SG1" was compared in growth chamber conditions with three high-yielding cultivars(HYVs) and their $F_1$ hybrids with SNU-SG1. SNU-SG1 exhibited a typical characteristic of functional stay-green in terms of chlorophyll degradation and photosynthetic competence during grain filling. According to the photosynthesis-light response curve measured at 10 and 35 d after heading for the flag leaf, SNU-SG1 exhibited higher initial light conversion efficiency and thus higher gross photosynthetic rate at light saturation compared to HYVs. Light saturation point was not different among genotypes, ranging from 1000 to 1500 ${mu}mol$ photon $m^{-2}s^{-1}$. Net photosynthetic rate at light saturation($P_{max}$) of the upper four leaves in SNU-SG1 was much higher and sustained longer throughout grain-filling than HYVs and $F_1$ hybrids. The sustained high photosynthetic competence of SNU-SG1 during grain filling was ascribed to the longer maintenance of high mesophyll conductance that resulted from not only high chlorophyll content and its delayed degradation but also the slow degeneration of photosystem II(PS II) as judged by chlorophyll fluorescence($F_v/F_m$) of flag leaves. $F_1$ hybrids showed slow degeneration of photosystem II similar to the male parent SNU-SG1 while chlorophyll degradation pattern close to female parents, thus exhibiting a little higher $P_{max}$ than female parents. These results suggest that SNU-SG1 has a typical functional stay-green trait that can be utilized for increasing rice yield potential through the improved dry matter production during grain filling.