Soil salinization is a major limiting factor for cotton growth in Southern Xinjiang. Studying technologies and mechanisms to improve cotton salt tolerance is of significant importance for the development and utilization of saline–alkaline land. In this study, ‘Xinluzhong 40’ cotton was used as the material, and 150 mmol·L−1 sodium chloride (NaCl) and 1.2% natural saline–alkaline soil extract were employed to simulate single-salt (SS) and mixed-salt (MS) stresses, respectively. The effects of different exogenous substances (sodium nitrophenolate, 24-epibrassinolide, and γ-aminobutyric acid) on the growth characteristics of cotton under salt stress were investigated. The results show that: (1) Under salt stress, the height and biomass of cotton (50 d old) were reduced. Both SS and MS stresses led to increased superoxide dismutase (SOD) activity, elevated proline (PRO) content (with an increase of 50.01% and no significant difference), and increased malondialdehyde (MDA) content (with increases of 63.14% and 32.42%, respectively). At the same time, catalase (CAT) activity decreased, Na+ and Cl− contents increased, K+ content decreased, and the K+/Na+ ratio was reduced. (2) Application of sodium nitrophenolate (S), 24-epibrassinolide (E), and γ-aminobutyric acid (G) significantly improved SOD activity and PRO content while reducing MDA content (decreased by 29.33%, 25.48%, and 30.47% compared to SS treatment; and 1.68%, 5.21%, and 5.49% compared to MS treatment, respectively). They also increased CAT activity (increased by 75.97%, 103.24%, and 80.79% compared to SS treatment; and 91.06%, 82.43%, and 119.68% compared to MS treatment, respectively) and K+/Na+ ratio (increased by 57.59%, 66.35%, and 70.50% compared to SS treatment; and 38.31%, 42.97%, and 66.66% compared to MS treatment, respectively), reduced Cl− content, and promoted increases in plant height and biomass. The effects of exogenous substances on antioxidant capacity and ion balance under salt stress were significant, particularly under SS stress. (3) Principal component analysis revealed that under SS and MS stresses, principal component 1 mainly reflects cotton’s antioxidant capacity, with SOD, CAT, and PRO having high weights; principal component 2 mainly reflects cotton’s ion balance and nutrient absorption, with root Na+, stem Na+, leaf Na+, root K+, and root Cl− having high weights. These findings highlight the potential of exogenous substances to improve cotton salt tolerance and provide scientific evidence for cotton cultivation on saline–alkaline land, offering new insights into cultivation techniques from an applied research perspective.