The mechanisms how Trichoderma enhances plant salt tolerance remain to be further dissected. Trichoderma asperellum spore powder (TS) was supplemented to saline soil around the stem base of potted wolfberry (Lycium chinense), and the role of Trichoderma asperellum in ameliorating salt tolerance of wolfberry was investigated with emphasis on ionic balance and photosystems II (PSII) activity. Plant dry weight was significantly increased by TS supplement, suggesting that Trichoderma asperellum promoted wolfberry growth in saline soil. As TS supplement elevated leaf and root K+/Na+ by increasing K+ content and decreasing Na+ content, Trichoderma asperellum improved ionic balance in wolfberry under saline soil stress, and the mechanism depended on that Trichoderma asperellum raised root Na+ exclusion and blocked root K+ loss. Consequentially, oxidative stress was ameliorated by Trichoderma asperellum according to lower leaf lipid peroxidation and H2O2 content in plants with TS supplement. Moreover, PSII was protected against oxidative injury and could maintain higher photochemical efficacy with TS supplement. K and J steps in prompt chlorophyll fluorescence transients were lowered by TS supplement, suggesting that Trichoderma asperellum alleviated salt-induced inhibition on electron transport at both PSII donor and acceptor sides, and consistently, more PSII centers became reactive. In addition, higher delayed chlorophyll fluorescence transients under TS supplement corroborated that Trichoderma asperellum enhanced whole PSII performance. Overall, Trichoderma asperellum helped maintain ionic balance by preventing K+ loss and elevating Na+ exclusion in roots and protect PSII by alleviating oxidative stress in wolfberry cultivated in saline soil.