As an economically important cephalopods species, wild-caught Sepia esculenta fishery has suffered a server decline due to over-fishing and ocean environmental damage. To restore this seriously declining fishery resource, we should understand the genetic foundation and molecular mechanism of spawning, reproduction and mortal of golden cuttlefish. In this study, we generated the full-length transcriptome of S. esculenta based on the total RNA of tissue samples (brain, optic gland, nidamental gland, ovary and muscle at different developmental stages) using a combination of single-molecule real-time (SMRT) and Illumina RNA-seq technology. A total of 14.16 Gb SMRT sequencing data were assembled into 94,635 transcripts. Meanwhile, 35.15 Gb Illumina HiSeq data were assembled into 177,226 non-redundant transcripts. Then, we merged SMRT and Illumina assembled data to generate a more complete/full-length S. esculenta transcriptome with 177,951 high-quality transcripts. Based on the obtained transcriptome data, total 81,459 transcripts were annotated in at least one of seven functional databases and 49,189 nucleotide sequences of coding regions were identified. Additionally, 161,327 SSRs distributed in 64,933 transcripts were identified based on SSR analysis. This full-length and high-quality transcriptome of S. esculenta can provide an important foundation for future genomic research on growth and development, reproduction and mortal of cephalopod and further recovery of this recessionary fisheries resources.