Automatic, efficient, and accurate individual tree species identification and crown parameters extraction is of great significance for biodiversity conservation and ecosystem function assessment. UAV multispectral data have the advantage of low cost and easy access, and hyperspectral data can finely characterize spatial and spectral features. As such, they have attracted extensive attention in the field of forest resource investigation, but their applicability for end-to-end individual tree species identification is unclear. Based on the Mask R-CNN instance segmentation model, this study utilized UAV hyperspectral images to generate spectral thinning data, spectral dimensionality reduction data, and simulated multispectral data, thereby evaluating the importance of high-resolution spectral information, the effectiveness of PCA dimensionality reduction processing of hyperspectral data, and the feasibility of multispectral data for individual tree identification. The results showed that the individual tree species identification accuracy of spectral thinning data was positively correlated with the number of bands, and full-band hyperspectral data were better than other hyperspectral thinning data and PCA dimensionality reduction data, with Precision, Recall, and F1-score of 0.785, 0.825, and 0.802, respectively. The simulated multispectral data are also effective in identifying individual tree species, among which the best result is realized through the combination of Green, Red, and NIR bands, with Precision, Recall, and F1-score of 0.797, 0.836, and 0.814, respectively. Furthermore, by using Green–Red–NIR data as input, the tree crown area and width are predicted with an RMSE of 3.16m2 and 0.51m, respectively, along with an rRMSE of 0.26 and 0.12. This study indicates that the Mask R-CNN model with UAV optical images is a novel solution for identifying individual tree species and extracting crown parameters, which can provide practical technical support for sustainable forest management and ecological diversity monitoring.