Since 2007, Ulva prolifera, a green macroalgal species that blooms periodically in the Yellow Sea of China, has caused the world’s biggest green tide, which induced harmful ecological impacts and economic losses. When the alga is subject to prolonged exposure to air, it suffers abiotic stresses. To explore the physiological and molecular mechanisms of salt stress, the transcriptome data of U. prolifera at different salinities (30, 50, and 90 psu) were obtained by high-throughput sequencing using the Illumina HiSeq platform, and photosynthetic physiological parameters were also measured. The results showed that a total of 89,626 unigenes were obtained after de novo assembly, of which 60,441 unigenes were annotated in the databases (NR, NT, KO, SWISS-PROT, PFAM, GO, and KOG). GO functional enrichment analysis revealed that the enrichment of differentially expressed genes (DEGs) was mainly in cellular, cell, and binding processes. KEGG metabolic pathway enrichment analysis showed that the most frequently enriched pathways of DEGs included glycolysis, pyruvate metabolism, peroxisome, and fatty acid biosynthesis. In addition, resistance-associated proteins, such as heat-shock proteins, microtubule-associated proteins, ubiquitin-associated proteins, abscisic-acid-signaling-pathway-associated proteins, and antioxidant-related proteins are upregulated under salt stress. Genes associated with photosynthesis and carbon fixation pathways are also upregulated, accompanied by an increase in photosynthetic oxygen release rates. These findings provide a basis for understanding the molecular mechanisms of the response of U. prolifera to salinity change, thus providing a theoretical basis for the analysis of the green tide outbreak mechanism.