Light quality can affect the growth of plants, regulate the accumulation and metabolism of substances, thereby improving the growth and quality of plants. Alfalfa is a vital forage with wide distribution and high value for feeding. However, few studies have investigated the effects of light quality on growth, quality, and nitrogen (N) metabolism regulation of alfalfa under artificial light control environment. In this study, the light intensity was 400 μmol·m−2·s−1 and photoperiods was 16/8 h. Five light quality treatments were used for alfalfa production, red-blue ratio of 3:1, 4:1 and 5:1, respectively, and on the basis of red-blue ratio of 4:1, 5% and 10% red light were replaced by green light were also used (R3B1, R4B1, R5B1, R19B5G1 and R18B5G2). The results showed that although the stomatal conductance and lysine content of the R3B1 treatment were significantly higher than other treatments, but the leaf area, fresh yield, contents of soluble sugar, sucrose, nitrate and ammonium, as well as the enzyme activities of NR, NiR, GOGAT and GS were the lowest among all treatments. The R3B1 treatment resulted in growth inhibition and reduced N metabolism levels. Strikingly, compared with the R4B1 treatment, the synthesis of Chl a+b, Chl a, Chl b, and free amino acid, as well as the accumulation of nitrate and crude protein, and the activity of GS also increased significantly in the two treatments which green light replaced partial of red light. However, the contents of soluble sugar, glutamate and lysine, as well as the activities of GOGAT and GDH, were significantly reduced in the R19B5G1 and R18B5G2 treatments. The carotenoids and sucrose contents of R19B5G1 treatment were significantly higher than R4B1 treatment, and the fresh weight and NR activity of R18B5G2 were significantly higher than R4B1 treatment. In addition, the content of starch and soluble protein and AK activity were not affected by light quality. In general, green light instead of partial red light increased the content of photosynthetic pigment and promoted the growth of alfalfa. Although the levels of glutamate, cysteine and lysine were reduced, it was beneficial to the accumulation of nitrate, free amino acid and crude protein, maintained the stability of N metabolism and improved the feeding value. These findings provide valuable insight into the effects of light quality regulation on value of feeding and N metabolism of alfalfa.