Background: Masson pine (Pinus massoniana Lamb.), the dominant native coniferous species in South China, is commercially important for timber and oleoresin. However, knowledge of the genetic variability of the masson pine germplasm is still scarce. Here, the genetic diversity and population structure of masson pine germplasm were assessed using 204 wild accessions from 10 main distribution regions by 94,194 core SNPs obtained from transcriptome sequencing data. Results: The average expected heterozygosity was 0.2724, implying abundant genetic diversity within masson pine germplasm. Analysis of molecular variance (AMOVA) revealed that 3.29% variation sourced from the genetic differentiation. Structure analysis identified two geographically distinct groups. Discriminant analysis of principal components (DAPC) showed one geographically distinct group was divided two clusters furtherly. Sichuan and Chongqing provenance is the geographical origin, and diffuses outward along two lines. Oleoresin yield might be reflected by the evolution, and exhibits two different changing trends between two diffusing line. It may be associated with the genes of chitinase, CYP720B, Cytochrome P450, ABC transporter and AP2/ERF based on SNPs and expression. Conclusions: SNP markers by transcriptome sequencing have a strong power in evaluating genetic diversity within species and the genetic control of objective trait. The function of these genes will be verified and the strong associated genes with oleoresin yield will be used in the improvement of oleoresin yield by early genotype selection or genetic engineering.