Soybean germination under ultraviolet-B (UV–B) radiation stress is a common and effective way to enrich the isoflavone content of sprouts. However, the growth and biomass of germinated soybeans are significantly suppressed using this method. Melatonin (MT), a novel plant biostimulant, not only plays a vital protective role in responses to various abiotic stresses but also regulates the accumulation of secondary metabolites. In the present study, the effects of exogenous MT on the growth and isoflavone metabolism of germinating soybeans exposed to UV-B stress were investigated. Compared to UV-B stress, the application of exogenous MT (25 μM) significantly increased sprout length, fresh weight, Ca2+ influx, and peroxidase activity; markedly decreased the content of malondialdehyde and H2O2 and the fluorescence intensity of H2O2 and O2•-; but had no noticeable effect on the activity of superoxide dismutase and catalase during germination. Moreover, the content of total flavonoids and isoflavone monomers (including daidzein, genistein, daidzin, glycitin and genistin) in 4-day-old germinated soybeans was significantly enhanced by MT application under UV-B stress and was not only companied by dramatically increased phenylalanine ammonia lyase activity, but also by markedly increased relative expression levels of phenylalanine ammonia lyase1, chalcone synthase, isoflavone reductase and flavanone 3-hydroxylase that are involved in the isoflavone biosynthesis pathway. The inhibitory effects of UV-B stress on the growth and biomass of germinated soybeans were alleviated with exogenous MT. MT enhanced the content of total flavonoids and isoflavone monomers under UV-B stress by increasing the activity and relative gene expression level of critical isoflavone biosynthesis-related enzymes.