We investigated the photosynthetic response of Ryuguphycus kuaweuweu (=Umbraulva kuaweuweu, Ulvales), a subtidal green alga from the northern Ryukyu Islands (35–40 m deep), Kagoshima, Japan, to temperature, irradiance, and light spectral limitation using a pulse amplitude modulation (PAM)-chlorophyll fluorometer and dissolved oxygen sensors. The photochemical efficiency in photosystem II (maximum quantum yield, Fv/Fm and effective quantum yield, ΔF/Fm′) response during 3-day temperature exposure (8–40 °C) revealed that Fv/Fm, measured in darkness, was not significantly affected by temperatures below 32 °C. In contrast, ΔF/Fm′ measured at 50 μmol photons m−2 s−1 was sensitive to temperature and showed an optimum temperature of 26.1 °C. The gross photosynthesis (GP rate, 8–40 °C) at 200 μmol photons m−2 s−1 showed that the maximum GP rate occurred at 29.5 °C. The photosynthesis–irradiance (P–E) responses (0–1000 μmol photons m−2 s−1) measured at 12, 20, and 28 °C showed that the net photosynthesis quickly saturated at low irradiance levels. However, as temperature increased, the irradiances required for photosynthetic saturation also increased. Additionally, the P–E curves obtained under blue (450 nm), green (525 nm), red (660 nm), and white (metal halide lamp) lights indicated that this alga exhibited higher levels of maximum photosynthetic output under blue and green lights. We further observed that during continuous 6-h exposure to irradiance levels of 100, 200, 500, and 1000 μmol photons m−2 s−1 at 20 °C, ΔF/Fm′ decreased progressively as the irradiance levels increased. At 100 μmol photons m−2 s−1 and 12, 20, and 28 °C, the ΔF/Fm′ was stable at 20 and 28 °C but declined at 12 °C, suggesting the occurrence of low temperature-light stress. In conclusion, the results suggest that R. kuaweuweu is adapted to the study site's subtidal temperature and light environments where green and blue wavelengths can effectively penetrate.