The genus Paragymnodinium exhibits various nutritional strategies despite the fact that each species has pigmented plastids. This provides an excellent opportunity to investigate the evolution of the mode of nutrition and the function of the plastids through comparative studies. In this study, we analyzed the growth, pigment composition, absorption spectra, variable chlorophyll a fluorescence, and photosynthetic carbon fixation capabilities of P. stigmaticum, P. asymmetricum, and P. inerme. The autotrophic species P. asymmetricum and P. inerme without resorting to any nutrition from prey organisms displayed high PSII activity and carbon fixation rates. The pigment compositions of these two species were identical to those of other typical peridinin-containing type dinoflagellates. On the contrary, the phagotrophic species P. stigmaticum showed heterotrophic growth, and the variable chlorophyll a fluorescence properties and carbon fixation rates indicated significantly lower photosynthetic competence relative to those of the above two species. Paragymnodinium stigmaticum also contained peridinin, but pigment content ratios of peridinin, chlorophyll c2, and β-carotene were significantly different from those of other two species. The absorption spectrum analysis revealed a redshift in the peak of the Qy band of chlorophyll a in P. stigmaticum, presumably due to a change in chlorophyll-protein complexes. We conclude that such distinct differences in nutritional strategies between members of the genus Paragymnodinium would provide a platform for the hypothetical loss of photosynthetic function leading to colorless dinoflagellates.