The normal megastrobilli and microstrobilli before and after the sexual reversal in Pinus massoniana Lamb. were studied and classified using a transcriptomic approach. In the analysis, a total of 190,023 unigenes were obtained with an average length of 595 bp. The annotated unigenes were divided into 56 functional groups and 130 metabolic pathways involved in the physiological and biochemical processes related to ribosome biogenesis, carbon metabolism, and amino acid biosynthesis. Analysis revealed 4,758 differentially expressed genes (DEGs) between the mega- and microstrobili from the polycone twig. The DEGs between the mega- and microstrobili from the normal twig were 5,550. In the polycone twig, 1,188 DEGs were identified between the microstrobili and the sexually reversed megastrobili. Concerning plant hormone signal transduction pathways, the DEGs from both the normal and polycone twigs displayed distinct male or female associated expression patterns. There were 36 common hormone-related DEGs from the two types of twigs of P. massoniana. Interestingly, expression of these DEGs was up-regulated in the bisexual strobili, which underwent the sexual reversal. A portion of MADS-box genes in the bisexual strobili were up-regulated relative to expression in microstrobili.