Cacti of the genera Opuntia and Nopalea exhibit morphophysiological and biochemical characteristics that favor their adaptation to semiarid environments, such as crassulacean acid metabolism (CAM) and cladode succulence. These strategies reduce water loss and allow the maintenance of photosynthesis under stress conditions. In this study, we evaluated the seasonal variation in the physiological and photochemical responses of forage cactus clones grown in semiarid environments, considering the rainy, dry, and transition seasons. The net photosynthetic rate (Pn) and chlorophyll fluorescence parameters varied significantly as a function of water availability and microclimatic conditions. We found higher CO2 assimilation rates during the rainy season, while the dry season resulted in a strong impairment of photosynthetic activity, with reductions of 65% in stomatal conductance, 37% in transpiration, 20% in maximum quantum efficiency of photosystem II, and 19% in the electron transport rate. Furthermore, during these periods, we observed an increase in initial fluorescence and non-photochemical dissipation, demonstrating the activation of photoprotective mechanisms against excess light energy. During the transition seasons, the cacti exhibited rapid adjustments in gas exchange and energy dissipation, indicating the adaptive plasticity of CAM pathway. The MIU (Nopalea cochenillifera (L.) Salm-Dyck), OEM (Opuntia stricta (Haw.) Haw.), and IPA (Nopalea cochenillifera (L.) Salm-Dyck) clones demonstrated greater resilience, maintaining greater stability in Pn, instantaneous water use efficiency, and photochemical parameters during the drought. In contrast, the OEA (Opuntia undulata Griffiths) clone showed high sensitivity to water and heat stress, with marked reductions in physiological and photochemical performance. In summary, the photosynthetic efficiency and chlorophyll fluorescence of CAM plants result from the interaction between water availability, air temperature, radiation, and genotypic traits. This study provides a new scientific basis for exploring the effects of environmental conditions on the carbon and biochemical metabolism of cacti grown in a semiarid environment.