Existing lightweight salient object detection (SOD) methods aim to solve the problem of high computational costs that is prevalent with heavyweight methods. However, compared with heavyweight methods, the detection accuracy of lightweight methods is greatly reduced while real-time performance is not significantly improved. Therefore, we aim to establish a trade off between computational cost and detection performance by improving the network efficiency. We propose a fast and extremely lightweight end-to-end wavelet neural network (ELWNet) for real-time salient object detection. ELWNet can achieve salient object detection and segmentation at approximately 70FPS (GPU), 19FPS (CPU) with 76K parameters and 0.38G FLOPs. We introduce wavelet transform theory into a neural network, proposing a wavelet transform module (WTM), a wavelet transform fusion module (WTFM), a novel feature residual mechanism, and construct an efficient architecture. The wavelet transform theory is integrated into the neural network to realize the interaction between the features in the frequency and the time domain. Meanwhile, ELWNet does not rely on a pretrained model, which significantly reduces redundant features. We validate the performance of ELWNet using five well-known datasets, and demonstrate state-of-the-art performance compared with 24 other SOD models in terms of being lightweight, detection accuracy and real-time capabilities. Our method maintains high detection performance while reducing the number of model parameters by approximately 99% compared with heavyweight methods.