The genus Pseudoalteromonas is ubiquitous in the marine environment and can synthesize a wide range of extracellular compounds. Psychrotolerant Pseudoalteromonas sp. BSw20308 was isolated from the Chukchi Sea, a marginal sea of the Arctic Ocean. It produces a number of extracellular enzymes that can degrade polysaccharides and proteins. The BSw20308 genome was sequenced to 38.1-fold coverage, and the sequences were assembled into 146 contigs (≥500 bp). In total, 4 172 open reading frames (ORFs) with an average gene length of 987 bp were detected. At least 86 ORFs were predicted by sequence analysis to encode a variety of catalytic modules involved in the degradation of polysaccharides, proteins, and lipids. In addition, 36 ORFs were predicted to encode catalytic modules involved in the degradation of organic pollutants and halogenated compounds, and in the production of bioactive compounds. The draft genome sequence of BSw20308 provides new information about the ecological function and adaptation of the genus Pseudoalteromonas in Arctic marine environments, and also indicates its potential applications in the biotechnology industries (e.g., enzymology, and pollutant degradation).