Pontederia cordata is previously demonstrated a cadmium (Cd) tolerant plant, and also a candidate for the phytoremediation of heavy-metal-contaminated wetlands. A hydroponic experiment was used to investigate variations in photosynthetic gas exchange parameters, antioxidative activities, chlorophyll and secondary metabolite contents, and transcriptome in leaves of the plant exposed to 0.44 mM Cd²⁺ for 0 h, 24 h, and 48 h. Under Cd²⁺ exposure for 24 h, the plant presented a favorable photosynthesis by maintaining relatively higher antioxidant activity. Cd²⁺ exposure for 48 h accelerated membrane peroxidation, declined photosynthetic pigment content, and increased polyphenol oxidase activity, thus interfering with photosynthesis. The phenylpropane pathway served as a chemical rather than physical defense against Cd²⁺ in the plant leaves. A total of 20,998, 4743, and 4413 differentially expressed genes (DEGs) were identified in the groups of 0 h vs 24 h, 0 h vs 48 h, and 24 h vs 48 h, respectively. The primary metabolic pathways of the DEGs were mainly enriched in nitrogen metabolism, starch and sucrose metabolism, fructose and mannose metabolism, as well as pentose-phosphate pathway, contributing to a stable cell structure and function. Flavonoid biosynthesis directly or indirectly played an antioxidative role against Cd²⁺ in the leaves. Forty-nine transcription factor (TF) families were identified, and 8 TF families were shared among the three groups. The present study provides a theoretical foundation for investigating tolerance mechanisms of wetland plants to Cd stress in terms of secondary metabolism and transcriptional regulation.