The effects of different light-emitting diode (LED) lights on saffron growth and photosynthetic characteristic were explored. Physiological mechanisms were explained by chlorophyll a fluorescence transient curves (OJIP) and JIP-test parameters. A decrease in the red to blue light ratio resulted in negative effects, particularly for monochromatic blue (B) LED light; saffron seedlings showed reduced chlorophyll accumulation, inhibited leaf elongation, and decreased photosynthetic performance. In the OJIP curve, the higher positive K-band observed for B LED light indicated that oxygen-evolving complex activation significantly decreased. B LED light inhibited the electron transport between primary quinone acceptor and secondary quinone acceptor as well as the existence of reducing plastoquinone centers, and increased energy dissipation of reaction centers. Otherwise, the red to blue light ratio of 2:1 had a positive effect on saffron cultivation, resulting in the longest leaf lengths, highest chlorophyll content, and photosynthetic characteristics. This study provides theoretical guidance for saffron agricultural practices.