Dendrobium officinale, a precious herbal medicine, has been used for a long time in Chinese history. The metabolites of D. officinale, regarded as its effective components to fight diseases, are significantly affected by cultivation substrates. In this study, ultra-performance liquid chromatography mass spectrometry (UPLC-MS/MS) was conducted to analyze D. officinale stems cultured in three different substrates: pine bark (PB), coconut coir (CC), and a pine bark: coconut coir 1:1 mix (PC). A total of 529 metabolites were identified. Multivariate statistical analysis methods were employed to analyze the difference in the content of metabolites extracted from different groups. By the criteria of variable importance in projection (VIP) value ≥1 and absolute log2 (fold change) ≥1, there were a total of 68, 51, and 57 metabolites, with significant differences in content across groups being filtrated out between PB and PC, PB and CC, and PC and CC, respectively. The comparisons among the three groups revealed that flavonoids were the metabolites that fluctuated most. The results suggested the D. officinale stems from the PB group possessed a higher flavonoid content. Kyoto Encyclopedia of Genes and Genomes (KEGG) pathway enrichment analysis indicated that the significantly regulated metabolites were mainly connected with flavonoid biosynthesis. A comprehensive profile of the metabolic differentiation of D. officinale planted in different substrates was provided, which supports the selection of an optimum cultivation substrate for a higher biomass yield of D. officinale.