This study was designed to investigate the relationship between the caloric value and salt tolerance of two varieties of Miscanthus sacchariflorus (Amur silvergrass: M127 and M022). The salt tolerance capacity, photosynthetic characteristics, Na+ and K+ uptake by the roots and aboveground parts, and caloric value of different parts of the aboveground parts were obtained under hydroponic conditions. The results showed that M022 was more tolerant to salt stress than M127 and the former had a higher photosynthetic efficiency as well as a lower aboveground Na+ accumulation, K+ efflux, and larger K+/Na+ ratio. The calorific values of stems, spear leaves, aging leaves, and functional leaves of the two varieties showed a decreasing trend with increasing NaCl concentration. At 270 mM NaCl, the calorific values of the stems, aging leaves, functional leaves, and spear leaves was reduced by 18.10%, 46.73%, 26.11%, and 18.35% for M022 and 41.99%, 39.41%, 34.82%, and 45.09% for M127 compared to the controls, respectively. We observed that the aging leaves of M022 had a faster decline rate in calorific value than those of M127, indicating that the aging leaves of M022 preferentially isolated the harmful Na+ ion, reduced its accumulation in other parts, and increased the K+/Na+ ratio in the corresponding parts, thus inhibiting the decrease in calorific value. Following this result, it can be inferred that M022 inhibited the decline in calorific values during stress by efficiently compartmentalizing the distribution of Na+ and K+. Our results provide a theoretical basis and technical support for the efficient cultivation of salt-tolerant energy plants in saline–alkaline soil.