Preoperative treatments, such as starvation, lead to an improvement in receptiveness of nucleus insertion and reduction in the postoperative stress responses of oysters. And the nacre-secreting mantle graft (saibo) solution can maintain the balance of osmotic pressure inside and outside cells and ensures normal cellular activities after operation, which is also a key aspect of pearl culture. In this study, the combined effects of gonadal elimination (caused of starvation) and saibo preservative solution on the physiological responses and energy budget of the pearl oyster Pinctada martensii were investigated. The results showed that the absorption efficiency, clearance rate, respiration rate, oxygen-to-nitrogen ratio, and scope for growth, except excretion rate, were significantly decreased under complete gonad elimination treatment. No significant effects under saibo preservative solution and between the two stressors were observed for physiological indices. Moreover, the subsequent pearl production results showed that complete gonadal elimination negatively influenced pearl performance. The present study demonstrated that partial gonadal elimination treatment was more beneficial to pearl production than complete gonadal elimination.