Photosynthesis changes light energy into chemical energy stored in carbon compounds. Plants, algae and some bacteria take in carbon dioxide and water and make glucose. Water is split to supply hydrogen, and the oxygen left over is released as a waste product.
Light is absorbed by pigments. Chlorophyll absorbs red and blue light best and reflects green, which is why leaves look green. Other pigments absorb some wavelengths that chlorophyll misses.
The rate depends on light intensity, carbon dioxide concentration and temperature. The factor in shortest supply is the limiting factor: raising it increases the rate, and raising any other factor does nothing.