1H NMR combined with multivariate data analysis were applied to investigate the effects of fish gelatin (FG) addition and co-culture of Lactobacillus acidophilus LA-5 (La-5) and Bifidobacterium lactis BB-12 (Bb-12) on the growth and metabolic pathways of the probiotics themselves. The results showed that the addition of FG had no significant effects on the growth of probiotics, but co-culture did promote the growth of probiotics, especially for Bb-12 (up to 2 log CFU/mL). FG addition inhibited amino acids synthesis and TCA cycling in Lacticaseibacillus paracasei subsp. paracasei CASEI 431 (L431) to some extent. However, for the single La-5 strain, these pathways were promoted. As for mixed bacterial cultures, Bb-12 promoted amino acids metabolism, sugar transport and energy metabolism in La-5. These findings suggested that the metabolic profile of probiotic bacteria can be adequately explained by metabolic pathway analysis, which also provides theoretical guidance for the industrialization of functional fermented milk.