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Interspecific ecophysiological differences in response to different light environments are important to consider in regeneration behavior and forest dynamics. The diurnal changes in leaf gas exchange and chlorophyll fluorescence of two dipterocarps, Shorea leprosula (a high light-requiring) and Neobalanocarpus heimii (a low light-requiring), and a pioneer tree species (Macaranga gigantea) growing in open and gap sites were examined. In the open site, the maximum net photosynthetic rate (Pn), photosystem II (PSII) quantum yield (δ; F/Fm′), and relative electron transport rate (r-ETR) through PSII at a given photosynthetic photon flux density (PPFD) was higher in S. leprosula and M. gigantea than in N. heimii, while non-photochemical quenching (NPQ) at a given PPFD was higher in N. heimii. The maximum values of net photosynthetic rate (Pn) in M. gigantea and S. leprosula was higher in the open site (8–11 μmol m−2 s−1) than in the gap site (5 μmol m−2 s−1), whereas that in N. heimii was lower in the open site (2 μmol m−2 s−1) than in the gap site (4 μmol m−2 s−1), indicating that N. heimii was less favorable to the open site. These data provide evidence to support the hypothesis that ecophysiological characteristics link with plant’s regeneration behavior and successional status. Although Pn and stomatal conductance decreased at midday in M. gigantea and S. leprosula in the open site, both r-ETR and leaf temperature remained unchanged. This indicates that stomatal closure rather than reduced photochemical capacity limited Pn in the daytime. Conversely, there was reduced r-ETR under high PPFD conditions in N. heimii in the open site, indicating reduced photochemical capacity. In the gap site, Pn increased in all leaves in the morning before exposure to direct sunlight, suggesting a relatively high use of diffuse light in the morning.