To investigate the dynamics of stomata, transpiration, and photosynthesis under varying light intensities and CO2 conditions during leaf development, the light response and CO2 response of stomatal conductance (g sw), transpiration rate (T r), and net photosynthetic rate (P n) were observed for rice leaves at different days after leaf emergence (DAE). The results showed that (1) as photosynthetically active radiation (PAR) increased, leaf g sw, T r, and P n initially increased rapidly and linearly, followed by a more gradual rise to maximum values, and then either stabilized or showed a declining trend. The maximum g sw, T r, and P n were smaller and occurred earlier for old leaves than for young leaves. The g sw, T r, and P n all exhibited a linear decreasing trend with increasing DAE, and the rate of decrease slowed down with the reduction in PAR; (2) as the CO2 concentration (C a) increased, g sw and T r decreased gradually to a stable minimum value, while P n increased linearly and slowly up to the maximum and then kept stable or decreased. The g sw, T r, and P n values initially kept high and then decreased with the increase of DAE. These results contribute to understanding the dynamics in g sw, T r, and P n during rice leaf growth and their response to varied light and CO2 concentration conditions and provide mechanistic support to estimate dynamic evapotranspiration and net ecosystem productivity at field-scale and a larger scale in paddy field ecosystems through the upscaling of leaf-level stomatal conductance, transpiration, and photosynthesis.