Mulched drip irrigation has been widely used in agricultural planting in arid and semi-arid regions. The dynamics and distribution of soil salinity under mulched drip irrigation greatly affect crop growth and yield. However, there are still different views on the distribution and dynamics of soil salinity under long-term mulched drip irrigation due to complex factors (climate, groundwater, irrigation, and soil). Therefore, the soil salinity of newly reclaimed salt wasteland was monitored for 9 years (2008–2016), and the effects of soil water on soil salinity distribution under mulched drip irrigation have also been explored. The results indicated that the soil salinity decreased sharply in 3–4 years of implementation of mulched drip irrigation, and then began to fluctuate to different degrees and showed slight re-accumulation. During the growth period, soil salinity was relatively high at pre-sowing, and after a period of decline soil salinity tends to increase in the late harvest period. The vertical distribution of soil texture had a significant effect on the distribution of soil salinity. Salt accumulated near the soil layer transiting from coarse soil to fine soil. After a single irrigation, the soil water content in the 30–70 cm layer under the cotton plant undergoes a ‘high–low–high’ change pattern, and the soil salt firstly moved to the deep layer (below 70 cm), and then showed upward migration tendency with the weakening of irrigation water infiltration. The results may contribute to the scientific extension of mulched drip irrigation and the farmland management under long-term mulched drip irrigation.