Physalis minima L. and Physalis peruviana L. are the two important species in India which grow under wild, weedy or cultivated conditions. Fruits of these species are edible with high nutritional values and may be suitable for stuff for the production of new functional foods and drinks. Climate change has been reported to influences almost every aspects of agriculture. Rise in atmospheric CO2 and temperature have been reckoned the two most significant variables involved in climate change. A study was conducted in open top chambers (OTCs) to understand the effect of elevated temperature (ambient + 2±0.5 oC) and elevated CO2 (550±50 ppm) individually and in combination on P. minima and P. peruviana. Study showed that elevated temperature as well as elevated CO2 individually and in combination had positive effect on growth and development, rate of photosynthesis, and water use efficiency of both the Physalis species. Rate of transpiration and stomatal conductance increased marginally in plants grown at elevated temperature, but a marked decrease was evident at elevated CO2 individually and in combination with elevated temperature as compared that in plants grown in ambient conditions in both the species. No significant changes were observed in relative water content and relative stress injury under any of the treatments in two species. Treatments- and species- specific changes were evident with respect to the activity of antioxidant enzymes and nitrate reductase, and peptide banding pattern using SDS-PAGE.