Rice (Oryza sativa L.) plays a pivotal role in the Brazilian economy, serving as a staple food for more than half of the world’s population and thereby contributing to global food security. Projections of future climate change scenarios indicate an increase in extreme weather events. Among climate variables that impact the development and productivity of irrigated rice, solar radiation is one of the most important in defining productive potential. Understanding the risks imposed on agricultural production by the occurrence of days with reduced luminosity availability is crucial for guiding adequate responses that mitigate the negative impacts of climate variability. Therefore, this study aimed to investigate the effect of shade on the metabolism and productivity of irrigated rice plants, with a specific focus on the synthesis of photosynthetic pigments, carbohydrate accumulation, invertase activity, and the nutritional status and grain yield of rice. For this, the study was conducted on the field rice cultivars IRGA 424 RI, BRS PAMPA, and BRS PAMPEIRA, which were subjected to 35% shading using black nylon netting installed when the plants reached the reproductive stage (R0). The restriction was maintained until the R4 stage, and later, from the R4 stage until the R9 stage. After the imposition of treatments, evaluations took place at the phenological stages R2, R4, R6, and R8. In shaded plants, a higher content of photosynthetic pigments and a lower accumulation of carbohydrates were observed, which was reflected in an increase in the activity of invertase enzymes. These conditions were able to potentiate effects on the nutritional status of the plants, in addition to reducing productivity and 1000-grain weight and increasing spikelet sterility, due to changes in the source–sink relationship, with effects more pronounced in cultivars BRS PAMPA and BRS PAMPEIRA during the R4–R9 period.