High-cost carbon sources are not economical or sustainable for the heterotrophic culture of Chlorella vulgaris. In order to reduce the cost, this study used sweet sorghum extract (SE) and its enzymatic hydrolysate (HSE) as alternative carbon sources for the heterotrophic culture of Chlorella vulgaris. Under the premise of the same total carbon concentration, the value-added product production performance of Chlorella vulgaris cultured in HSE (supplemented with nitrogen sources and minerals) was much better than that in the glucose medium. The conversion rate of the total organic carbon and the utilization rate of the total nitrogen were both improved in the HSE system. The biomass production and productivity using HSE reached 2.51 g/L and 0.42 g/L/d, respectively. The production of proteins and lipids using HSE reached 1.17 and 0.35 g/L, respectively, and the production of chlorophyll-a, carotenoid, and lutein using HSE reached 30.42, 10.99, and 0.88 mg/L, respectively. The medium cost using HSE decreased by 69.61% compared to glucose. This study proves the feasibility and practicability of using HSE as a carbon source for the low-cost heterotrophic culture of Chlorella vulgaris.