Light-emitting diodes (LEDs) of short wavelength ranges are being developed as light sources in closed-type plant production systems. Among the various wavelengths, red and blue lights are known to be effective for enhancing plant photosynthesis. In this study, we determined the effects of blue and red LED ratios on leaf shape, plant growth, and the accumulation of antioxidant phenolic compounds of a red leaf lettuce (Lactuca sativa L. ‘Sunmang’) and a green leaf lettuce (Lactuca sativa L. ‘Grand Rapid TBR’). Lettuce seedlings grown under normal growth conditions (20 °C, fluorescent lamp + high-pressure sodium lamp 177 ± 5 μmol·m−2·s−1, 12-hour photoperiod) for 18 days were transferred into growth chambers that were set at 20 °C and equipped with various combinations of blue (456 nm) and red (655 nm) LEDs [blue:red = 0:100 (0 B), 13:87 (13 B), 26:74 (26 B), 35:65 (35 B), 47:53 (47 B) or 59:41 (59 B)] under the same light intensity and photoperiod (171 ± 7 μmol·m−2·s−1, 12-hour photoperiod). Leaf width, leaf length, leaf area, fresh and dry weights of shoots and roots, chlorophyll content (SPAD value), total phenolic concentration, total flavonoid concentration, and antioxidant capacity were measured at 2 and 4 weeks after the onset of LED treatment. The leaf shape indices (leaf length/leaf width) of the two lettuce cultivars subjected to blue LEDs treatment were similar to the control, regardless of the blue-to-red ratio during the entire growth stage. However, 0 B (100% red LED) induced a significantly higher leaf shape index, which represents elongated leaf shape, compared with the other treatments. Increasing blue LED levels negatively affected lettuce growth. Most growth characteristics (such as the fresh and dry weights of shoots and leaf area) were highest under 0 B for both cultivars compared with all other LED treatments. For red and green leaf lettuce cultivar plants, shoot fresh weight under 0 B was 4.3 and 4.1 times higher compared with that under 59 B after 4 weeks of LED treatment, respectively. In contrast, the accumulation of chlorophyll, phenolics (including flavonoids), and antioxidants in both red and green leaf lettuce showed an opposite trend compared with that observed for growth. The SPAD value (chlorophyll content), total phenolic concentration, total flavonoid concentration, and antioxidant capacity of lettuces grown under high ratios of blue LED (such as 59 B, 47 B, and 35 B) were significantly higher compared with 0 B or control conditions. Thus, this study indicates that the ratio of blue to red LEDs is important for the morphology, growth, and phenolic compounds with antioxidant properties in the two lettuce cultivars tested.