MADS-box is a key transcription factor regulating the transition to flowering and flower development. Lagerstroemia indica ‘Xiang Yun’ is a new cultivar of crape myrtle characterized by its non-fruiting nature. To study the molecular mechanism underlying the non-fruiting characteristics of ‘Xiang Yun’, 82 MADS-box genes were identified from the genome of L. indica. The physicochemical properties of these genes were examined using bioinformatics methods, and their expression as well as endogenous hormone levels at various stages of flower development were analyzed. The results showed that LiMADS genes were primarily classified into two types: type I and type II, with the majority being type II that contained an abundance of cis-acting elements in their promoters. By screening nine core proteins by predicted protein interactions and performing qRT-PCR analysis as well as in combination with transcriptome data, we found that the expression levels of most MADS genes involved in flower development were significantly lower in ‘Xiang Yun’ than in the wild type ‘Hong Ye’. Hormonal analysis indicated that ‘Xiang Yun’ had higher levels of iP, IPR, TZR, and zeatin during its early stages of flower development than ‘Hong Ye’, whereas the MeJA content was substantially lower at the late stage of flower development of ‘Hong Ye’. Finally, correlation analysis showed that JA, IAA, SA, and TZR were positively correlated with the expression levels of most type II genes. Based on these analyses, a working model for the non-fruiting ‘Xiang Yun’ was proposed. During the course of flower development, plant hormone response pathways may affect the expression of MADS genes, resulting in their low expression in flower development, which led to the abnormal development of the stamen and embryo sac and ultimately affected the fruiting process of ‘Xiang Yun’.