Gas exchange, chlorophyll a fluorescence, and photosynthetic pigments of Xylopia sericea A. St.-Hil. and Siparuna guianensis Aubl. were evaluated during the rainy season and the dry season (2009)(2010) in three understories with different ecological conditions (irradiance, water availability, and temperature) located in the União Biological Reserve (known as REBIO União), at Rio de Janeiro State, a natural forest understory, eucalyptus understory under regeneration, and understory of eucalyptus plantation with 18-year-old trees that were removed 1 year before. The lowest values of F v /F m e F m /F o were observed in the exposed understory for both seasons, with lower values in the dry season, suggesting that reduced water availability potentializes the photoinhibitory process. For both species of the exposed understory it is suggested the occurrence of photoprotection, given that an increased proportion of carotenoid pigments in relation to the chlorophylls were verified. Both species still exhibited dynamic photoinhibition after 1 year of exposure to full sunlight (exposed understory) in both seasons, but more markedly so in the dry season, though they belong to early stages of ecological succession. Based on the results, it is suggested that these species are indicated for planting in degraded areas and that the cutting of eucalyptus trees as management practice should be performed in a gradual manner, during the rainy season, in order to minimize stress on these species.