The effects of elevated atmospheric CO2 on growth and photosynthesis of soybean (Glycine max Merr.) were investigated to predict its productivity under elevated CO2 levels in the future. Soybean grown for 6 weeks showed significant increase in vegetative growth, based on plant height, leaf characteristics (area, length, and width), and the SPAD-502 chlorophyll meter value (SPAD value) under elevated CO2 conditions (800 μmol/mol) compared to ambient CO2 conditions (400 μmol/mol). Under elevated CO2 conditions, the photosynthetic rate (A) increased although photosystem II (PS II) photochemical activity (Fv/Fm) decreased. The maximum photosynthetic rate (Amax) was higher under elevated CO2 conditions than under ambient CO2 conditions, whereas the maximum electron transport rate (Jmax) was lower under elevated CO2 conditions compared to ambient CO2 conditions. The optimal temperature for photosynthesis shifted significantly by approximately 3°C under the elevated CO2 conditions. With the increase in temperature, the photosynthetic rate increased below the optimal temperature (approximately 30°C) and decreased above the optimal temperature, whereas the dark respiration rate (Rd) increased continuously regardless of the optimal temperature. The difference in photosynthetic rate between ambient and elevated CO2 conditions was greatest near the optimal temperature. These results indicate that future increases in CO2 will increase productivity by increasing the photosynthetic rate, although it may cause damage to the PS II reaction center as suggested by decreases in Fv/Fm, in soybean.