Plants photosynthesis-related traits are co-regulated to capture light and CO2to optimize the rate of CO2assimilation (A). The rising CO2often benefits, but potassium (K) deficiency adversely affects A that contributes to the majority of plant biomass. To evaluate mechanisms of photosynthetic limitations and adaptations, soybean was grown under controlled conditions with an adequate (control, 5.0 mM) and two K-deficient (moderate, 0.50 and severe, 0.02 mM) levels under ambient (aCO2; 400 µmol mol-1) and elevated CO2(eCO2; 800 µmol mol-1). Results showed that under severe K deficiency, pigments, leaf absorption, processes of light and dark reactions, and CO2diffusion through stomata and mesophyll were down co-regulated with A while light compensation point increased and photorespiration, alternative electron fluxes, and respiration were up-regulated. However, under moderate K deficiency, these traits were well co-regulated with the sustained A without any obvious limitations amid ≈ 50% reduction in leaf K level. Primary mechanism of K limitation to A was either biochemical processes (Lb≈ 60%) under control and moderate K deficiency or the CO2diffusion limitations (DL≈ 70%) with greater impacts of mesophyll than stomatal pathways under severe K deficiency. The eCO2increased DLwhile lessened the Lbunder K deficiency. Adaptation strategies to severe K deficiency included an enhanced K utilization efficiency (KUE), and reduction of photosystem II excitation pressure by decreasing photosynthetic pigments, light absorption, and photochemical quenching while increasing photorespiration and alternative electron fluxes. The eCO2also stimulated A and KUE when K deficiency was not severe. Thus, plants responded to K deficiency by a coordinated regulation of photosynthetic processes to optimize A, and eCO2failed to alleviate the DLin severely K-deficient plants.