Helleborus niger is an evergreen species, while H. odorus is an herbaceous understorey species. They both develop flowers before the forest canopy layer closes. Their sepals remain after flowering and have multiple biological functions. To further elucidate the functions of sepals during flower development, we examined their optical and chemical properties, and the photochemical efficiency of photosystem II in the developing, flowering, and fruiting flowers. Sepals of the two species differed significantly in the contents of photosynthetic pigments and anthocyanins, but less in the UV-absorbing substances’ contents. Significant differences in photosynthetic pigment contents were also revealed within different developmental phases. The sepal potential photochemical efficiency of photosystem II was high in all developmental phases in H. odorus, whereas in H. niger, it was initially low and later increased. In the green H. odorus sepals, we obtained typical green leaf spectra with peaks in the green and NIR regions, and a low reflectance and transmittance in the UV region. On the other hand, in the white H. niger sepals in the developing and flowering phases, the response was relatively constant along the visible and NIR regions. Pigment profiles, especially chlorophylls, were shown to be important in shaping sepal optical properties, which confirms their role in light harvesting. All significant parameters together accounted for 44% and 34% of the reflectance and transmittance spectra variability, respectively. These results may contribute to the selection of Helleborus species and to a greater understanding of the ecological diversity of understorey plants in the forests.