CO 2 concentrations and soil moisture conditions seriously affect tree growth and physiological mechanisms. CO 2 responses of photosynthesis are an important part of plant physiology and ecology research. This study investigated the photosynthetic CO 2 responses in the leaves of two-year-old Hippophae rhamnoides L. under eight soil water conditions in a semi-arid loess hilly region, and discussed the quantitative relationship between CO 2 responses and soil moisture. CO 2 response curves and parameters were fitted using a rectangular hyperbola model, non-rectangular hyperbola model, exponential equation, and modified rectangular hyperbola model. Results revealed that the relative soil water content (RWC) required to maintain a high photosynthetic rate (P n ) and carboxylation efficiency (CE) ranged from 42.8% to 83.2%. When RWC fell outside these ranges, the photosynthetic capacity (P nmax ), CE, and CO 2 saturation point (CSP) decreased. CO 2 response curves and three parameters, CE, CO 2 compensation point (Γ), and photorespiration rate (R p ), were well fitted by the four models when RWC was appropriate. When RWC exceeded the optimal range, only the modified rectangular hyperbola model fitted the CO 2 response curves and photosynthetic parameters better.