Abstract Morchella importuna has been artificially cultivated, but stable production remains difficult because its mechanisms of fruiting body formation are unclear. To investigate the fruiting body formation mechanisms, we sequenced the transcriptomes of Morchella importuna at the mycelial and young fruiting body stages. Among the 12,561 differentially expressed genes (DEGs), 9215 were upregulated, and 3346 were downregulated. DEG enrichment analysis showed that these genes were enriched in the “generation of precursor metabolites and energy”, “carbohydrate catabolic process”, and “oxidoreductase activity” Gene Ontology (GO) functional categories. Enzyme activity assay results indicated that the activity levels of CAZymes (carbohydrate-active enzymes), oxidoreductases (SOD (superoxide dismutase), CAT (catalase)) and mitochondrial complex (complex I, II, III) proteins were significantly increased from the mycelial stage to the young fruiting body stage. In addition, the genes encoding CAZymes, mitochondrial proteins, oxidoreductases and heat shock proteins had higher expression levels in the young fruiting body stage than in the mycelial stage, and the qRT-PCR results showed similar trends to the RNA-Seq results. In summary, these results suggest that carbohydrate catabolism and energy metabolism are significantly enhanced in the young fruiting body stage and that growth environment temperature changes affect the formation of fruiting bodies.