Mutations are the origin of genetic diversity and are fundamental parameters needed to understand the molecular evolution of species. Estimations of mutation rates have been conducted for many diverse taxa, although rates in several major eukaryotic lineages remain unexplored. Here, the first estimation is reported of the spontaneous mutation rate for the multicellular eukaryote red alga, Pyropia yezoensis, which exhibits a complex life cycle. An estimated mutation rate of 2.97 × 10−8 (95 % CI: 2.16 × 10−8–3.99 × 10−8) per site per generation was generated for the primary life cycle, the sexual cycle, which is the highest sexual mutation rate among published sexual plants. Combined with tetrad analysis, meiosis I was identified as the primary period responsible for the high mutation rate during the complex life cycle of P. yezoensis. This result provides direct evidence for the “meiosis is mutagenic” hypothesis for multicellular organisms. The accurate estimate of the mutation rate of P. yezoensis also informs several immediate applications. Based on the above estimate, the effective population size (Ne) of P. yezoensis was estimated at about 19,000, with extensive haploid phases and asexual reproduction through monospores possibly leading to linked selection that may reduce the genome-wide genetic diversity of P. yezoensis and consequently influence Ne estimation. Lastly, P. yezoensis was estimated to have diverged from P. haitanensis about 4.2 Ma, representing a more recent date than estimates from fossil-calibrated phylogenies. These findings provide valuable new information for understanding the evolution of red algae, in addition to the underlying mechanism of mutations.