The effects of sulfate on the zinc (Zn) bioaccumulation characteristics and photophysiological mechanisms of the ornamental plant Hydrocotyle vulgaris were explored using a hydroponic culture under three Zn concentrations (300, 500 and 700 mg L−1) with (400 μmol L−1) or without the addition of sulfate. Results showed that: (1) tissue Zn concentrations and total Zn contents increased with increasing hydroponic culture Zn concentrations; and sulfate addition decreased Zn uptake and translocation from roots to shoots; (2) Zn exposure decreased photosynthetic pigment synthesis, while sulfate changed this phenomenon, especially for chlorophyll a under 300 mg L−1 Zn treatment; (3) Zn exposure decreased photosynthetic function, while sulfate had positive effects, especially on the photosynthetic rate (Pn) and stomatal conductance (Gs); and (4) chlorophyll fluorescence parameters related to light energy capture, transfer and assimilation were generally downregulated under Zn stress, while sulfate had a positive effect on these processes. Furthermore, compared to photosynthetic pigment synthesis and photosynthesis, chlorophyll fluorescence was more responsive, especially under 300 mg L−1 Zn treatment with sulfate addition. In general, Zn stress affected photophysiological processes at different levels, while sulfate decreased Zn uptake, translocation, and bioaccumulation and showed a positive function in alleviating Zn stress, ultimately resulting in plant growth promotion. All of these results provide a theoretical reference for combining H. vulgaris with sulfate application in the bioremediation of Zn-contaminated environments at the photophysiological level.