In the maize-soybean intercropping system, varying degrees of maize leaf shading are an important factor that reduces the uniformity of light penetration within the soybean canopy, altering the soybean canopy structure. Quantitative analysis of the relationship between the soybean canopy structure and canopy photosynthesis helps with breeding shade-tolerant soybean varieties for intercropping systems. This study examined the canopy structure and photosynthesis of intercropped soybeans during the shading stress period (28 days before the corn harvest), the high light adaptation period (15 days after the corn harvest), and the recovery period (35 and 55 days after the corn harvest), using a field high-throughput phenotyping platform and a plant gas exchange testing system (CAPTS). Additionally, indoor shading experiments were conducted for validation. The results indicate that shade-tolerant soybean varieties (STV varieties) have significantly higher yields than shade-sensitive soybean varieties (SSV varieties). This is attributable to the STV varieties having a larger top area, lateral width, and lateral external rectangular area. Compared to the SSV varieties, the four top areas of the STV varieties are, on average, 52.09%, 72.05%, and 61.37% higher during the shading stress, high light adaptation, and recovery periods, respectively. Furthermore, the average maximum growth rates (GRs) for the side mean width (SMW) and side rectangle area (SRA) of the STV varieties are 62.92% and 22.13% in the field, and 83.36% and 55.53% in the indoor environment, respectively. This results in a lower canopy overlap in STV varieties, leading to a more uniform light distribution within the canopy, which is reflected in higher photosynthetic rates (Pn), apparent quantum efficiency, and whole-leaf photosynthetic potential (WLPP) for the STV varieties, thereby enhancing their adaptability to shading stress. Above-ground dry matter accumulation was higher in STV varieties, with more assimilates stored in the source and sink, promoting assimilate accumulation in the grains. These results provide new insights into how the superior canopy structure and photosynthesis of shade-tolerant soybean varieties contribute to increased yield.