The cell transformation from green motile cells to non-motile cells and astaxanthin accumulation can be induced in the green alga Haematococcus pluvialis cultured outdoors. In the initial 3 d of incubation (cell transformation phase), light absorption and photosynthetic electron transport became more efficient. After five days of incubation (astaxanthin accumulation phase), the light absorption per active reaction center (ABS/RC) increased, but the efficiency of electron transport (ψo) and the quantum yield of electron transport (φEo) decreased with increased time, indicating that the capacity of photosynthetic energy utilization decreased significantly during astaxanthin accumulation, leading to an imbalance between photosynthetic light absorption and energy utilization. It would inevitably aggravate photoinhibition under high light, e.g., at midday. However, the level of photoinhibition in H. pluvialis decreased as the incubation time increased, which is reflected by the fact that Fv/Fm determined at midday decreased significantly in the initial 3 d of incubation, but was affected very little after seven days of incubation, compared with that determined at predawn. This might be because the non-photochemical quenching, plastid terminal oxidase, photosystem I cyclic electron transport, defensive enzymes and the accumulated astaxanthin can protect cells against photoinhibition.