The cultivation of true morels (Morchella spp., Morchellaceae, Ascomycota) has rapidly expanded in recent years, especially in China. Red stipe is a symptom wherein the stipe of morel fruiting bodies becomes red–gray, resulting in the gradual death of the affected fruiting bodies. The impact of red-stipe symptom occurrence on the development and nutritional quality of morel fruiting bodies remains unclear. Herein, morel ascocarps with the red-stipe symptom (R) and normal (N), artificially cultivated in the Fujian Province of China, were selected for the transcriptome and metabolome analysis to study the physiological and biochemical responses of morel fruiting bodies to the red-stipe symptom. Transcriptome data revealed several differentially expressed genes between the R and N groups significantly enriched in the tyrosine, riboflavin, and glycerophospholipid metabolism pathways. Similarly, the differentially accumulated metabolites were mainly assigned to metabolic pathways, including tyrosine, the biosynthesis of plant secondary metabolites, and the biosynthesis of amino acids. Moreover, the transcriptome and metabolome data combination revealed that tyrosine metabolism was the most enriched pathway, which was followed by ATP-binding cassette (ABC) transport, alanine, aspartate, and glutamate metabolism. Overall, the integration of transcriptomic and metabolomic data of M. sextelata affected by red-stipe symptoms identified several important genes, metabolites, and pathways. These findings further improve our understanding of the mechanisms underlying the red-stipe symptom development of M. sextelata and provide new insights into how to optimize its cultivation methods.