In recent years, light-emitting diode (LED) technology has been applied to improve crop production and induce targeted biochemical or physiological responses in plants. This study investigated the effect of different ratios of blue 450 nm and red 660 nm LEDs on the overall plant growth, photosynthetic characteristics, and total triterpenoid production in the leaves of Hedyotis corymbosa in vitro plants. The results showed that a high proportion of blue LED lights had a positive effect on enhancing photosynthesis and the overall biomass. In addition, blue LED lights were shown to be more effective in controlling the production of the total triterpenoid content compared with the red LED lights. Moreover, it was also found that plants grown under a high proportion of red LEDs exhibited reduced photosynthetic properties and even induced damage to the photosynthetic apparatus, which indicated that the blue or red LED lights played contrary roles in Hedyotis corymbosa.