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Dendrobium officinale, endemic to China, is a rare and endangered medicinal herb. As a result of its high economic value, slow growth, and diminishing wild population, protected cultivation is preferred. However, little information is available on its growing environment and photosynthetic characteristics. In this study, the photosynthetic patterns of D. officinale were investigated under various environmental conditions by measuring the net CO2 exchange rates continuously for several days or weeks. Under non-stressed growth chamber conditions with 12-hour light and 12-hour dark periods, D. officinale had concomitance of C3 and crassulacean acid metabolism (CAM) photosynthesis patterns. Different degrees of CAM in D. officinale, expressed as the percentage of CO2 exchanges in the dark period to the daily amount of CO2 exchanges, were observed depending on environmental conditions. With decreasing substrate water content, a typical CAM pattern was found, and concomitance of C3 and CAM patterns was found again when plants were rewatered. The accumulation of leaf titratable acidity during a dark period increased as substrate dried out but decreased again as plants were rewatered. A shorter light–dark cycle (4-hour light and 4-hour dark periods) led to a C3 pattern alone. The substrate moisture and light–dark cycle were inducible factors for switching between C3 and CAM patterns in D. officinale. These results indicate that D. officinale is a facultative CAM plant and the C3 pathway can be induced by controlling the growing environment. Further studies are needed to identify the optimal environmental conditions to enhance the growth of D. officinale.