Photosynthetic light‐response curves of the deep‐water Laminaria abyssalis Oliveira and of the intertidal L. digitata Lamoroux were determined and related to photoinhibition phenomena as monitored by oxygen evolution and photosystem II efficiency (FV/FM). L. abyssalis has half the pigment content, number of cells and plastids, and photosynthetic capacity per unit area compared with L. digitata. L. abyssalis showed a higher in vivo Chl a absorption coefficient and higher photosynthetic efficiency on a Chl a basis, although the two algae showed somewhat similar light‐response curves on a Chl a basis. Both species showed similar Chl a/Chl c and Chl a/fucoxanthin ratios, and similar dark respiration rates and light compensation points. In addition, they also showed similar convexities in their light‐response curves and no differences in their light saturation of FV/FM. Room temperature chlorophyll fluorescence induction measurements of fronds incubated in 3‐(3,4‐dichlorophenyl)‐1,1‐dimethylurea (DCMU) suggest that both species may have a similar PSII absorption cross section. Thus, L. abyssalis appears to optimize its light absorption at very low light intensities, not by increasing the pigment content, but by absorbing light more efficiently. However, L. abyssalis was more sensitive to photoinhibition than L. digitata and showed no recovery of FV/FM and O2 evolution after a photoinhibitory treatment, even with a subsequent exposure to 24 h of dim light. L. digitata, on the other hand, recovered its photosynthetic capacity within 6 h under dim light. These results suggest that photosynthetic light‐induction curves based on Chl a are not a good indicator of either the photosynthetic capacity or the sensitivity to photoinhibition when macroalgae of different species are being compared. Based on their light‐response and photoinhibition characteristics, we suggest that L. abyssalis, a deep‐water oceanic macroalgae, is an atypical shade alga whereas L. digitata has the properties of a sun alga.