Photosynthetic photon flux density (PPFD) has variable effects on cotton (Gossypium hirsutum) plant growth, development and lint yield, but little is known about the responses of yield, yield components and fibre quality to low PPFD at different developmental stages. Field studies were conducted in 1993–95 to determine the effects of an 8-d period of shade (63% reduction in PPFD) imposed at different developmental stages (pinhead square (PHS), first flower (FF), peak flower (PF) and boll development (BD)) on cotton growth, lint yield, yield components and fibre quality. Shade for 8 d at the early square stage did not affect cotton growth and yield. Shade during FF, PF and BD increased fruit abscission, and decreased specific leaf weight, dry matter accumulation, lint yield, fibre micronaire, and fibre strength compared with the unshaded control. The detrimental effect of shade on yield increased with later growth stages. Shade at the FF, PF and BD stages decreased lint yield by 18, 34 and 52% in 1993, and by 18, 21 and 29% in 1994 respectively compared with the unshaded control. Shade caused the greatest decrease in the dry weight (DW) of fruits (squares + flowers + bolls) and the smallest decrease in leaf DW among leaves, stems and fruits. Of the three yield components (boll number, boll weight and lint percentage), boll number was the most sensitive to shade. Shade during squaring and early flowering had little effect on average boll weight, and did not affect lint percentage. Decreased yield of cotton shaded during FF and PF appeared to be related to decreased boll retention. Shade during BD decreased both boll retention and average boll weight. Under shade conditions, fibre micronaire and fibre strength were decreased, while other fibre properties were unaffected. These results help explain the yield response of field-grown cotton to low PPFD stress.