The yield of cotton (Gossypium hirsutum L.) can be effectively maximized through high planting density. Estimating the yields from single-leaf photosynthesis under various plant densities is difficult as the source-sink relationship of cotton is complicated. By considering the boll-leaf system (BLS: including the main-stem leaf, sympodial leaf and non-leaf organs) as the basic unit of the cotton canopy, the present study asserts that the photosynthetic function of BLS determines single boll weight. This hypothesis was tested by establishing plant densities to explore changes in photosynthesis of the cotton BLS and the consequent effects on boll weight. The results showed that high plant density increased total boll number per unit ground area, whereas single boll weight remained relatively stable, thereby increasing cotton yield. High plant density significantly limited the biomass of the BLS and reduced the distribution ratio of assimilate to sympodial leaves, whereas the dry matter proportion of cotton bolls increased. Although the leaf area and photosynthetic rate of both the main-stem and sympodial leaves of the BLS decreased with increasing plant density, the extent of decrease in the latter was greater. CO2 assimilation within the BLS decreased slightly with increasing plant density, and significant decreases in CO2 assimilation were only evident in extremely high plant densities. A significant positive linear correlation was observed between CO2 assimilation of the BLS and single boll weight. Therefore, photosynthesis of the BLS was identified as the primary factor maintaining boll weight under various plant densities. The main-stem leaf plays a key role in maintaining photosynthesis of the BLS, whereas BLS photosynthesis can be improved by plastically regulating the photosynthetic performance in sympodial leaves.