Crop yield is primarily determined by physiological parameters, including light interception by the canopy (IPAR), radiation use efficiency (RUE), and harvest index (HI). However, little information is available about how these physiological parameters are impacted by planting date and what their contributions are to cotton yield loss. To evaluate the relative contribution of each physiological parameter to planting date-associated yield loss in cotton, an experiment was conducted during the 2019 to 2021 growing seasons at a field site in Anyang, Henan, China. Two contemporary cotton cultivars were grown in the field with four different planting dates (PDMAY10, PDMAY20, PDMAY30 and PDJUN10) for the growing seasons from 2019 to 2021. The measurements included climatic parameters, seed cotton yield, yield components, HI and biweekly leaf area index, light interception and biomass. First, seed cotton yield was significantly affected by the planting dates, with yields ranging from 1984 to 3388 kg ha−1, averaged across cultivars and years, while a significant difference between the first three planting dates was observed only in 2021. Second, the planting date significantly impacted the total light interception during the growing season (IPARtotal) and HI, while IPARtotal and HI decreased with the delayed planting date in all the years of the study. Compared to PDMAY10, IPARtotal was 0.34%, 13.2%, and 19.9% lower for PDMAY20, PDMAY30 and PDJUN10, respectively. Averaged across cultivars and years, PDMAY10 resulted in the highest HI value (0.28). The RUE gradually decreased as the planting date was delayed, but a significant difference in RUE between planting dates was observed only in 2021. Overall, among the three physiological yield-driving parameters, IPARtotal was a stronger contributor (46.9–47.0%) to the yield loss for PDJUN10 than PDMAY10 and PDMAY20. However, when compared to PDMAY30, HI was the greatest contributor, accounting for approximately 72.5% of the seed cotton yield loss for PDJUN10, followed by IPAR. We found that when cotton sowing in the Yellow River basin was postponed until June 10, the cotton yield was significantly reduced, and IPAR and HI were the main factors responsible for PDJUN10 yield loss on average. This study identified the most important functional traits for seed cotton yield response to planting date and has important reference value for stable cotton production.