Two tobacco cultivars (Nicotiana tabacum L.), Bel-B and Bel-W3, tolerant and sensitive to ozone, respectively, were grown in a greenhouse supplied with charcoal filtered air and exposed to 200 ppb ozone for 4 hr. Effects on chlorophyll fluorescence, net photosynthesis, and stomatal conductance are described. Quantum yield was calculated from chlorophyll fluorescence and the initial slope of the assimilation-light curve measured by the gas exchange method. Only the sensitive cultivar, Bel-W3, developed visual injury symptoms on up to 50% of the $5^{th}$ leaf. The maximum net photosynthetic rate of ozone-treated plants was reduced 40% compared to control plants immediately after ozone fumigation in the tolerant cultivar; however, photosynthesis recovered by 24 hr post fumigation and remained at the same level as control plants. On the other hand, ozone exposure reduced maximum net photosynthesis up to 50%, with no recovery, in the sensitive cultivar apparently causing permanent damage to the photosystem. Reductions in apparent quantum efficiency, calculated from the assimilation-light curve, differed between cultivars. Bel-B showed an immediate depression of 14% compared to controls, whereas, Bel-W3 showed a 27% decline. Electron transport rate (ETR), at saturating light intensity, decreased 58% and 80% immediately after ozone treatment in Bel-B and Bel-W3, respectively. Quantum yield decreased 28% and 36% in Bel-B and Bel-W3, respectively. It can be concluded that ozone caused a greater relative decrease in linear electron transport than maximum net photosynthesis, suggesting greater damage to PSII than the carbon reduction cycle.