Saffron (Crocus sativus L.) two-segment (TS) cropping system, with mother corms flowering in a controlled environment first and then growing daughter corms in the field, can greatly increase stigma yield and quality, but may decrease daughter corm yield (mainly due to depletion of nutrient reserves in mother corms). Light plays crucial roles in regulation of nutrient reserve metabolism in tubers, corms, and other storage organs. However, how the metabolism of mother corm reserves, which determines the daughter corm yield, responds to light intensity and quality during the reproductive stage remains unclear. Plants grew under five light intensities (56, 200, 400, 600, and 800 μmol m−2 s−1) and three combinations of red (R) to blue (B) light (4R1B, 3R1B, and 3R2B) at 200 μmol m−2 s−1 during the reproductive stage. After flowering, the plants were transplanted to the field. Leaf growth, net photosynthesis, carbohydrate and nutrient content, stigma yield and quality, and daughter corm yield were assessed. The stigma yield and quality decreased with increasing light intensity, whereas the carbohydrate and total N, P, and K content in the mother corm showed the opposite trend. The light treatment of 200(3R2B) not only maintained the stigma yield (up to 482.4 mg (10 corms)−1) at a highest level, but also improved the apocarotenoid content (up to 33.6%) in stigma, and carbohydrate and nutrient content in mother corm. Compared with 56 μmol m−2 s−1, light 200 (3R2B) decreased the length and weight of leaves, ratio of leaf to corm weight, and starch and nutrient decomposition in corms, but increased the rate of photomorphogenesis, stomatal opening, chlorophyll concentration (up to 72.9%), net photosynthesis (up to 448.6%), and leaf sucrose concentration (up to 156.7%). A decreased demand for leaf development and increased carbon capture inhibited the decomposition of carbohydrates and nutrients in the mother corm. The high sucrose concentration in leaves served not only as a carbon substrate for leaf growth, but also as a signal for inhibiting the translocation of carbon from corm to leaves and then the decomposition of starch in corm. The increased reserves in mother corms and improved stomatal opening combined to result in large leaf area, well-developed vascular tissue, and then high rate of leaf photosynthesis in the field, which provided assimilates for achieving yield potential and a high proportion of large-size corms. This is the first report on optimizing light intensity and quality during the reproductive stage to partially eliminate daughter corm yield decreases in the TS cropping system. Furthermore, this work also contributed to understanding the metabolism of nutrient reserves and leaf growth in saffron as regulated by light intensity and quality.