Anoectochilus formosanus is a rare medicinal plant with anti-inflammatory, antioxidant, hepatoprotective, and immunomodulatory properties. Its morphological growth and accumulation of medicinal compounds are strongly influenced by environmental factors such as light intensity. To investigate the physiological and ecological responses of Anoectochilus formosanus to varying light intensities, we examined physiological, morphological, and growth parameters across different growth stages under five different light intensities. Correlation, plasticity, and principal component analysis (PCA) were performed. The results showed that high and low light intensities altered physiological and biochemical indicators at different stages. Leaf area, fresh weight, dry weight, stem thickness, and non-photochemical quenching (NPQ) increased with increasing light intensity, whereas chlorophyll fluorescence parameters (Fv, Fm, and Fv/Fm) and flavonoid content decreased, reflecting reduced light capture and consumption under high light intensities. The phenotypic plasticity index of the morphological traits (0.5), indicating a greater plasticity of the photosynthetic traits. Biomass indicators—leaf area ratio and relative growth rate—were strongly correlated, driving the response to light intensity. Growth and biomass allocation peaked at moderate light intensity (70 μmol·m⁻²·s⁻¹). These findings highlight the conservative strategy employed by A. formosanus for slow carbon use under low-light conditions, and the adventurous strategy employed for rapid carbon use under strong light, offering insights into efficient cultivation practices.