Faro is separated from Albufeira by about 35 kilometers, which can be traversed as follows:
If you have a driver's license and plan to rent a car, you can do so right at the airport (expect to pay around 40-50 EUR per day).
You can book a cab that will take you to Albufeira in half an hour for 35-40 EUR. The cab stop is at the terminal exit.
Many people book a shuttle service. It is convenient if you come as a company (for example, for a group of 4 people the car will cost 30 EUR, for 8 - 40 EUR, for 16 - 75 EUR). You can book a transfer online (in which case you'll be met at the airport) or on arrival in Faro.
The most budget-friendly option is to take the bus. The airport is connected to the center of Faro and other coastal towns by two routes (#14 and 16). If you choose route 16, you can get to the final stop in Albufeira (Terminal Rodoviário). The cost of the ticket is about 2 EUR.