Abstract On the occasion of the 40th anniversary of the publication of the landmark model by Farquhar, von Caemmerer & Berry on steady‐state C 3 photosynthesis (known as the “FvCB model”), we review three major further developments of the model. These include: (1) limitation by triose phosphate utilization, (2) alternative electron transport pathways, and (3) photorespiration‐associated nitrogen and C 1 metabolisms. We discussed the relation of the third extension with the two other extensions, and some equivalent extensions to model C 4 photosynthesis. In addition, the FvCB model has been coupled with CO 2 ‐diffusion models. We review how these extensions and integration have broadened the use of the FvCB model in understanding photosynthesis, especially with regard to bioenergetic stoichiometries associated with photosynthetic quantum yields. Based on the new insights, we present caveats in applying the FvCB model. Further research needs are highlighted.