As a traditional Chinese medicine, Schisandra chinensis has a potential weight‐loss effect by delaying carbohydrate absorption and improving lipid metabolic disorders. However, its active components are still unclear and require in‐depth research. In this study, the active components of Schisandra chinensis responsible for pancreatic lipase and alpha‐glucosidase inhibitory activity were screened and identified based on a spectrum‐effect relationship study in combination with ultra‐performance liquid chromatography‐tandem mass spectrometry analysis. The ultra‐high‐performance liquid chromatography fingerprints of 17 batches of Schisandra chinensis were established, and 14 common peaks were specified by similarity analysis. The half‐maximal inhibition concentration values for pancreatic lipase and alpha‐glucosidase inhibition were separately measured by enzymatic reactions. Using multivariate statistical methods including principal component analysis, partial least square analysis, and grey relational analysis, the correlation models between the peak areas of 14 common peaks and half‐maximal inhibition concentration values were constructed, and the chromatographic peaks making a great contribution to efficacy were screened out. Peak1, Peak2, Peak4, Peak6, Peak9, Peak10, Peak11, and Peak13 were responsible for alpha‐glucosidase inhibitory activity, while Peak1, Peak4, Peak6, Peak9, Peak10, and Peak11 for pancreatic lipase inhibitory activity. Finally, the 70% ethanol extracts of Schisandra chinensis were characterized by ultra‐high‐performance liquid chromatography‐tandem mass spectrometry analysis, and 14 lignans were identified to further elucidate the active constituents of Schisandra chinensis. The positive results suggested the proposed strategy is simple and effective to screen active components from complex medicinal plants.