Astaxanthin is a kind of carotenoids, which has strong antioxidant activity. It is widely used in food, chemical industry, medical treatment and other fields. Our previous research confirmed that carotenoids in Phaffia rhodozyma could be influenced by melatonin (MT) and sodium orthovanadate (SOV), but their metabolic regulation mechanism of astaxanthin biosynthesis was not clear. In this study, metabolic regulation mechanism of MT and SOV was explored by metabonomics and fermentation dynamics. The results showed that adding 1.54 mM SOV at 27.03 h and 7.49 mM MT at 36 h could improve the astaxanthin cell yield by 64.67 %, from 3.54 mg/g to 5.83 mg/g. SOV promoted carbon flux into astaxanthin synthesis pathway by inhibiting its activity by binding to glutamate dehydrogenase pocket and reducing the expression of arginine, glutamine and isoleucine in amino acid pathway. The regulation of MT increased the expression of fatty acid synthase, fatty acid desaturase and acetyl-CoA carboxylase in fatty acid pathway, thus increasing the accumulation of fatty acids. Fermentation dynamic kinetics showed SOV and MT effectively weakened the growth coupling limitation of carotenoid and astaxanthin synthesis, which increased the astaxanthin content by 22.52 % and 21.32 %, respectively. This study provided a theoretical basis for regulating the production of astaxanthin in Phaffia rhodozyma.