Purpose. Comparative studies of the photosynthetic apparatus of winter wheat varieties of modern and earlier breeding in the relation to their productivity. Methods. Field, pot experiment, biometrical, gas analysis, analytical and statistical ones. Results. It is found that the modern high-yielding winter wheat varieties have a higher rate of flag leaf photosynthesis during generative period of development, particularly at grain filling period, improved ability to store assimilates in stem and effectively use them later for grain growth. The modern varieties form crop canopy with greater leaf area and chlorophyll indexes and larger photosynthetic capacity and maintain functional activity of photosynthetic apparatus longer at the end of the growing season. Conclusions. The superiority for grain productivity of modern high-yielding wheat varieties, originated from the Institute of Plant Physio­logy and Genetics, NAS of Ukraine, over varieties released before the “green revolution”, results from increased capacity and durability of functioning the crop photosynthetic apparatus, higher CO2 assimilation rate and optimization of source-sink relations in whole plant.