HY-2 satellite is the first marine dynamic environment satellite of China. In this study, global evaporation and water vapor transport of the global sea surface are calculated on the basis of HY-2 multi-sensor data from April 1 to 30, 2014. The algorithm of evaporation and water vapor transport is discussed in detail, and results are compared with other reanalysis data. The sea surface temperature of HY-2 is in good agreement with the ARGO buoy data. Two clusters are shown in the scatter plot of HY-2 and OAFlux evaporation due to the uneven global distribution of evaporation. To improve the calculation accuracy, we compared the different parameterization schemes and adopted the method of calibrating HY-2 precipitation data by SSM/I and Global Precipitation Climatology Project (GPCP) data. In calculating the water vapor transport, the adjustment scheme is proposed to match the balance of the water cycle for data in the low latitudes.