In order to study the effect of limited irrigation on photosynthesis, CO2 exchange and seed yield in four cultivars of sunflower (Helianthus annuus L.), a field experiment was conducted in the basis of split plot using randomized complete blocks design with three replications in Zanjan Agricultural Research Center in 2009 cropping season. Limited irrigation levels included: normal irrigation, Stop irrigation in flowering stage, Stop irrigation in grain filling stage that arranged in main plotsand, sub plots were the cultivars in four levels: Master, Lakomka, Euroflour and Azargol. Limited irrigation had significant effect on grain yield and physiological traits. The highest seed yield obtained from Azargol cultivar in normal condition. Stop irrigation at the beginning of flowering stage (Anthodium formation), caused the highest grain yield reduction, so that Master, Lakomka, Azargol and Euoroflour cultivars, showed %62, %52, %65 and %63 seed yield reduction respectively. Water stress had significantly effect on physiological traits too. Drought stress in different stages, reduced photosynthesis rate in all of four cultivars. In flowering stage stop irrigation (Anthodium formation); photosynthesis rate reduced 26%, 27%, 20% and 30% for Master, Lakomka, Azargol and Euoroflour cultivars respectively. In flowering stage stress, photosynthesis rate reduced 42%, 24%, 22% and 39% for Master, Lakomka, Azargol and Euoroflour cultivars and in grain filling stage drought stress, reduced photosynthesis rate 34%, 22%, 16% and 25% for Master, Lakomka, Azargol and Euoroflour cultivars alternatively. In all of three irrigation levels, drought stress decreased stomata conductivity in all cultivars and in sub stomata CO2 exchange, in drought stress condition, Azargol cultivar had the best yield and photosynthesis characters compare with the other cultivars.