Alterations in the light environment can significantly influence soybean morphology and yield formation; however, the effects and mechanisms of different light qualities on these aspects require further investigation. Consequently, we selected soybean cultivars with marked differences in light sensitivity as test materials, conducted experiments with red, blue, and green light qualities against a blue light background, and analyzed parameters related to leaf photosynthetic capacity, chlorophyll fluorescence, morphological characteristics, biomass, and yield variations following different light quality treatments. The results showed that following far-red light treatment, soybean plants exhibited significant shade avoidance syndrome, internode elongation, increased plant height, and a marked reduction in both root and leaf biomass, as well as total biomass. Furthermore, there was a substantial reduction in photosynthetic capacity. This indicated that far-red light exerts an inhibitory effect on soybean growth and yield formation. Red light has basically no regulatory effect on plant morphology and yield, while green light has a yield-increasing effect, but there was a cultivar effect. This study not only enhances our understanding of the mechanisms through which light quality regulates plant photosynthesis but also lays a scientific foundation for future crop light environment management and for the further exploration of light quality’s regulatory potential on crop growth.