Variations in photosynthetic gas exchange, stomatal traits and photosystem (PS) II activity were investigated in three popular rice ( L.) landraces namely Kalajeera, Machakanta and Haladichudi from Koraput, India and compared with high yielding modern varieties (IR 64 and IR 42) to judge the possibility of using them in crop improvement programmes. The leaf CO photosynthetic rate (P), stomatal conductance (gs), water use efficiency and carboxylation efficiency were significantly higher in traditional landraces as compared to the high yielding variety. In contrast, the transpiration rate, internal CO concentration, special analysis device (SPAD) index and chlorophyll were higher in high yielding varieties. In addition, the traditional landraces showed better stomatal traits such as stomatal density (SD), stomatal size (SS) and stomatal index. Further, multiple correlations between different gas-exchange characteristics and other physiological traits revealed that the P was not dependent on the leaf pigment content or PS II activity. However, it was dependent on stomatal traits like gs, SD and SS. Taken together, the traditional landraces such as Kalajeera, Machakanta and Haladichudi had superior P and stomatal efficiency compared to the high yielding variety under prevailing environmental condition. Further research is required to elucidate the genetic diversity of these popular landraces compared to high-yielding ones in relation to photosynthesis efficiency for future crop improvement programmes.