We investigated the toxic effects of different zinc (Zn) concentrations (natural seawater, 25 μg/L, and 100 μg/L) under two CO2 concentrations (410 ppmv, and 1000 ppmv) on Ulva lactuca. A significant decrease in the relative growth rate of U. lactuca was observed with an increase in Zn concentration under the low CO2 treatment condition, and we observed a notable decrease at 100 μg/L Zn under the high CO2 treatment condition. Moreover, the net photosynthetic rate increased when thalli were cultured under 25 and 100 μg/L Zn under the high CO2 treatment condition. The concentrations of chlorophyll a and b were significantly increased under 100 μg/L Zn and the high CO2 treatment conditions. Malondialdehyde content decreased under high CO2 treatment conditions, compared with the low CO2 treatment conditions, regardless of the Zn concentration. These findings suggest that ocean acidification may alleviate the toxic effects of Zn pollution on U. lactuca.