The effect of the light quality on 2-acetyl-1-pyrroline (2AP) during the grain filling period in fragrant rice has rarely been investigated. A pot experiment was carried out with two fragrant rice varieties, Xiangyaxiangzhan and Yuxiangyouzhan, grown under three light treatments, 100% red light (L1), 100% blue light (L2), and compound light (L3), during the grain filling period, and natural light was taken as the control (CK). The yield, quality, and fragrance were investigated. The results showed that light quality treatments significantly decreased the 2AP content in mature grains by 16.67–32.82% but improved the grain yield by 2.70–21.41% compared to CK. The regulation effects of light quality treatments on grain yield and 2AP are linked to yield-related traits, biomass accumulation, antioxidant physiology, and 2AP formation-related physiology. Additionally, light quality treatments decreased the chalky rice percentage and chalkiness, and increased the length-to-width ratio. Overall, light quality treatments during the grain filling period had a positive effect on the grain yield but not on fragrance in fragrant rice.