Cell size of phytoplankton is known to influence their physiologies and, consequently, marine primary production. To characterize the cell size-dependent photophysiology of phytoplankton, we comparably explored the photosynthetic characteristics of piconano- (<20 µm) and micro-phytoplankton cell assemblies (>20 µm) in the Daya Bay, northern South China Sea, using a 36-h in situ high-temporal-resolution experiment. During the experimental periods, the phytoplankton biomass (Chl a) in the surface water ranged from 0.92 to 5.13 μg L−1, which was lower than that in bottom layer (i.e., 1.83–6.84 μg L−1). Piconano-Chl a accounted for 72% (mean value) of the total Chl a, with no significant difference between the surface and bottom layers. The maximum photochemical quantum yield (FV/FM) of Photosystem II (PS II) and functional absorption cross-section of PS II photochemistry (σPS II) of both piconano- and micro-cells assemblies varied inversely with solar radiation, but this occurred to a lesser extent in the former than in the latter ones. The σPS II of piconano- and micro-cell assemblies showed a similar change pattern to the FV/FM in daytime, but not in nighttime. Moreover, the fluorescence light curve (FLC)-derived light utilization efficiency (α) displayed the same daily change pattern as the FV/FM, and the saturation irradiance (EK) and maximal rETR (rETRmax) mirrored the change in the solar radiation. The FV/FM and σPS II of the piconano-cells were higher than their micro-counterparts under high solar light; while the EK and rETRmax were lower, no matter in what light regimes. In addition, our results indicate that the FV/FM of the micro-cell assembly varied quicker in regard to Chl a change than that of the piconano-cell assembly, indicating the larger phytoplankton cells are more suitable to grow than the smaller ones in the Daya Bay through timely modulating the PS II activity.