In this paper, we present a novel nonlinear model predictive control (NMPC) algorithm based on the Laguerre function for dynamic positioning ships to solve the problems of input saturation, unknown time-varying disturbances, and heavy computation. The nonlinear model of a dynamic positioning ship is presented as a linear model, transformed from a standard affine nonlinear state-space model by precise feedback linearization. The environmental disturbance is overcome using an integrator. The time cost of the proposed nonlinear control algorithm is decreased by inducing the Laguerre function to describe the feedback-linearization system input increments. The Laguerre function reduces the matrix dimensions of the nonlinear optimization problem. The simulation results for a DP supply vessel showed that the novel algorithm maintained the effective control performance of the original nonlinear model predictive control algorithm and had a reduced computation load to satisfy the requirements of real-time operation.