Light intensity is a critical factor regulating photosynthetic capacity in plants. However, the effects of varying light intensity on morphological and photoprotective mechanisms in Pinus massoniana seedlings have not been explored in depth, especially those in the first seedling growing season. We measured the growth, photosynthetic physiology, biochemistry, and chlorophyll fluorescence of P. massoniana seedlings at four light gradients: 100% relative irradiance (RI, full sunlight), 70% RI, 50% RI, and 20% RI. The seedling height at 70% RI was 9.27% higher than that at 100% RI. However, seedling height was inhibited under low light intensity; at 20% RI, all seedlings died. The decreasing light intensity inhibited ground diameter growth but increased the height-diameter ratio. The secondary needle emergence rate was 53.4% higher at 70% RI than at 100% RI but was only 2% at 50% RI. The chlorophyll and carotenoid contents increased significantly with decreasing light intensity. The increased Chl b and Car contents promoted the photoreceptor potential of the violet (400~420 nm), blue (440~480 nm), and yellow-orange (597~655 nm) regions in leaves. Among the chlorophyll fluorescence parameters, Fv/Fm, Fv′/Fm′, Y(II), qp, and ETR all reached maximum values at 70% RI but were significantly lower at 50% RI than at 100% RI. However, decreasing the light intensity caused a reduction in NPQ. The 70% RI level increased POD and SOD activity and the contents of osmotic regulation substances and slowed MDA accumulation. Seedlings at 70% RI had a higher growth rate, higher photosynthetic activity and potential, and significantly greater stress resistance than the other seedlings. Therefore, appropriate shading measures were beneficial to the cultivation of vigorous seedlings. Furthermore, spectral reflectance indexes were found to be a suitable tool for monitoring the photosynthetic physiological characteristics, stress resistance characteristics, and growth status of P. massoniana seedlings in real time.