Background: Platycodon grandiflorus, a traditional Chinese medicine, contains considerable triterpene saponins with broad pharmacological activities. To date, information on the molecular mechanism of triterpenoid saponin biosynthesis in P. grandiflorus is limited. Here, single-molecule real-time (SMRT) and next-generation sequencing technologies were combined to comprehensively analyse the transcriptome and unveil triterpenoid saponin biosynthesis in P. grandiflorus.Results: We quantified four saponin monomers in P. grandiflorus, and found that the total content of the four saponins was the highest in the roots and the lowest in the stems and leaves. A total of 173,354 non-redundant transcripts generated from the PacBio platform were successfully annotated to seven functional databases, among which 1,765 transcripts were aligned to the "metabolism of terpenoids and polyketides" pathway in the KEGG database. Three full-length transcripts of β-amyrin synthase (β-AS), the key synthase of the β-amyrin, were identified. Furthermore, a total of 132,610 clean reads of BGISEQ sequences were utilised to explore key genes related to the triterpenoid saponin biosynthetic pathway in P. grandiflorus, and 96 differentially expressed genes (DEGs) involved were selected as candidates. Notably, 9 of the 96 DEGs showed the highest expression in the roots, which were considered key genes for synthesising triterpenoid saponins in P. grandiflorus. Furthermore, 3,469 genes encoding transcription factors (TFs) were identified and classified into 57 TF families, including MYB, bHLH, mTERF, and AP2-EREBP. The expression levels of genes were verified by quantitative real-time PCR.Conclusions: Our reliable transcriptome data provide valuable information on the related biosynthesis pathway and may provide new insights into the molecular mechanisms of triterpenoid saponin biosynthesis in P. grandiflorus.