The properties of concrete can be significantly affected by sodium gluconate (SG) at very small dosages. In this paper, the effects of SG on the fluidity, setting time, heat of hydration, and strength of ultra-high-performance concrete (UHPC) were studied. The results show that (1) in the plastic stage, SG inhibited the formation of early ettringite (AFt) and delayed the hydration of tricalcium silicate (C3S) and dicalcium silicate (C2S). SG increased the initial fluidity of UHPC without decreasing within 1 h. When the SG dosage was ≥0.06%, the slumps at 30 min and 60 min increased slightly. (2) In the setting hardening stage, the addition of SG inhibited the formation of calcium hydroxide (CH), which significantly extended the setting time of UHPC. When the dosage of SG was 0.15%, the initial and final setting times were 5.0 times and 4.5 times that of the blank group, respectively. SG had no obvious effect on the hydration rate of cement in the accelerated period, but the peak hydration temperature of UHPC was increased when the SG dosage was 0.03~0.12%. (3) In the strength development stage, the 1 d and 3 d strength of UHPC decreased significantly with the increase in the SG dosage. However, SG could promote the formation of AFt at the pores and aggregate interface in the later stage, reduce the porosity of cementite, and improve the compressive strength of UHPC in 28 d, 60 d, and 90 d. When the SG dosage was 0.12%, the 90d strength increased by 13%.