Tulipa gesneriana has rich cultivars with abundant flower colors; among them, black tulips have become precious cultivars for their rareness in nature. It is of great significance to understand its color formation mechanism for breeding new cultivars with a blackish flower color in the future. In this present study, petals at five developmental stages of Tulipa gesneriana ‘Queen of Night’ (shorted for ‘QN’), a typical black tulip cultivar, were collected to identity the flavonoid composition and compare the accumulation along with the flower development process, aiming to explore the metabolic mechanism of its flower coloration. By using UPLC-Q-TOF-MS, three anthocyanins and nineteen anthoxanthins (including eighteen flavonols and one flavone) were detected in the petals of ‘QN’. The anthocyanins were identified as delphinidin 3-o-rutinoside, cyanidin 3-o-rutinoside and pelargonidin 3-o-rutinoside, respectively. The main flavonols were identified as quercetin, kaempferol, isorhamnetin, naringin and their glycosides. The only one flavone substance was identified as an apigenin derivative. By comparing the content, anthocyanins were the most abundant substance in the petals of ‘QN’, and showed obvious regularity in the development process. With the flower opening, the anthocyanin content accumulated continuously, and reached the highest level at 3575.9 μg·g−1·FW at S5, accounting for 80% of the total flavonoids. Among them, delphinidin 3-o-rutinoside and cyanidin 3-o-rutinoside made the main contribution to the coloration of ‘QN’. The content of anthoxanthins increased first and then decreased, reaching the highest to 1114.8 μg·g−1·FW at S3. Quercetin and its glycosides were the most important flavonol substances in the petals of ‘QN’, accounting for more than 60% of the total anthoxanthins in the five stages. The content of a flavone identified was extremely low, suggesting a limited role in the flower color of ‘QN’. Taken together, the flower color presentation of ‘QN’ was closely related to the composition and accumulation of anthocyanins and flavonols; anthocyanins were the main substances that determine the petal coloration of ‘QN’, and the high content of flavonols played a role of co-pigmentation with these anthocyanins.