Iris typhifolia Kitag is a perennial herbaceous species with high ornamental and applied value. Elucidating the mechanism of saline–alkali tolerance in Iris is crucial for their promotion in saline–alkali areas. Saline–alkali stress is one of the factors that affects plant growth, which has become a significant global issue. In this study, we measured the physiological and biochemical indexes of I. typhifolia, through germination and potting trials, to evaluate the resistance of I. typhifolia to different levels of artificial saline–alkali stress (0, 50, 100, 150, and 200 mmol·L−1). The results showed that artificial saline–alkali stress negatively impacted germination parameters, cell membrane integrity, and photosynthetic parameters. Different trends in osmoregulatory substances and endogenous hormones were observed. It was shown that I. typhifolia had a potential adaptability to the saline–alkali environment by enhancing its internal defense mechanism. Based on regression analyses, the germination threshold of I. typhifolia was calculated to be 87.15 mmol·L−1, which provided a theoretical basis for the application in soil saline–alkalization areas.