Isoflavone, which are mainly found in soybeans, are a secondary metabolite with a variety of physiological functions. In recent years, increasing the isoflavone content of soybeans has received widespread attention. Although ethephon treatment significantly increased isoflavone content in soybean sprouts, it also had a certain inhibitory effect on the growth of sprouts. Melatonin (MT), as a new type of plant hormone, not only alleviated the damage caused by abiotic stress to plants, but also promoted the synthesis of secondary metabolites. In this study, we aimed to elucidate the mechanism of exogenous MT in regulating the growth and development, and the metabolism of isoflavone in soybean sprouts under ethephon treatment. The results indicated that MT alleviated the adverse effects of ethephon treatment on soybean sprouts by increasing the activities of superoxide dismutase, peroxidase, catalase, and the expression of their corresponding genes, as well as decreased the content of malondialdehyde and hydrogen peroxide. In addition, MT further increased the isoflavone content by up-regulating the expression level of isoflavone synthesis genes and increased the activities of phenylalanine ammonia-lyase and cinnamic acid 4-hydroxylase under ethephon treatment. This study provided technical support and reference value for the production of high-quality soybean sprouts to a certain extent.