Nanomaterials have recently been used as growth stimulants to promote the production of crops in saline-alkali through root application. However, if applied through leaves, little is known about the effect of Fe 3 O 4 nanoparticles (NPs) on the root growth and yield, especially for medicinal crops. To fill this gap, a single factor experiment was conducted to explore the effects of Fe 3 O 4 NPs on growth, yield, the dry matter distribution, chlorophyll content, photosynthetic characteristics, chlorophyll fluorescence parameters, and polysaccharide content of Pseudostellaria heterophylla by foliar spraying under field conditions. Fe 3 O 4 NPs (20–50 mg·L –1 ) significantly promoted growth, the dry matter distribution of root and root tuber yield per unit area. Fe 3 O 4 NPs enhanced net photosynthetic rate ( P n ) by increasing chlorophyll content. And Fe 3 O 4 NPs increased the daily mean and peak value of P n , and alleviated the phenomenon of “midday depression” by improving nonstomatal limitation. Chlorophyll fluorescence parameters indicating that Fe 3 O 4 NPs promoted the photochemical activity of PSII and alleviated photoinhibition by enhancing the photochemical use of excess excitation energy. Gray correlation analysis showed that Fe 3 O 4 NPs enhanced the adaptability of P . heterophylla photosynthesis to high temperatures and strong light. Of note, Fe 3 O 4 NPs enhanced the polysaccharide content of the root tuber. Phytotoxic effect was recorded at high NPs (100 mg·L –1 ) doses. Collectively, Fe 3 O 4 NPs could promote performance of P . heterophylla by improving photosynthetic performance, enhancing its adaptability to the environment, and increasing the distribution ratio of photosynthates to the underground part.