Hylotelephium erythrostictum is a plant species with high garden value and notable salt tolerance, yet the salt tolerance mechanism is poorly understood. In this study, we treated seedlings with 200 mM NaCl and performed transcriptome sequencing after 0, 5, and 10 d. A total of 123,008 unigenes were identified, of which 79,478 were functionally annotated. The majority of the differently expressed genes (DEGs) associated with photosynthesis and photosynthesis-antenna protein metabolic pathways were downregulated. In contrast, genes related to superoxide dismutase (SOD) and catalase (CAT) were significantly upregulated, and genes related to nitric oxide (NO) synthase also exhibited increased expression levels. As NO synthase-related genes in the transcriptome participate in the H. erythrostictum salt stress response, we treated the seedlings under salt stress with exogenous NO and discovered that the contents of peroxides, such as malondialdehyde (MDA), decreased, while soluble sugars and other osmotic substances increased. The chlorophyll fluorescence parameters, such as the maximum photochemical efficiency of PS II (Fv/Fm), actual quantum yield Y(II), and the photochemical quenching coefficient (qP) increased, whereas fluorescence (Fo) and the non-photochemical quenching coefficient (NPQ) decreased. Furthermore, the expression levels of SOD, CAT, Cab, and psaA were significantly upregulated. These results suggest that NO enhances the photosynthetic and antioxidant capacity of H. erythrostictum and improves salt tolerance.