Dried ginger is the monarch drug in Linggan Wuwei Jiangxin (LGWWJX) decoction, which is used to treat cold asthma. The purpose of this study was to investigate and compare the effects of dried ginger and LGWWJX decoction for treatment of cold asthma rats at the metabolomics level using gas chromatography–mass spectrometry (GC–MS). OVA and ice water-induced cold asthma were induced in SD rats. The effects of dried ginger and LGWWJX decoction were evaluated by general morphological observation, hematoxylin and eosin staining, inflammatory cell count, IgE, IL-4, IFN-γ quantitation, and visceral index. GC-MS-based metabolomics was performed and analyzed using multivariate statistical analysis. Biomarker identification, pathway analysis, correlations between identified biomarker, and efficacy indices were performed. The results showed that dried ginger and LGWWJX decoction had obvious effects on cold asthma rats. Thirty-seven metabolites (15 in serum and 22 in urine) associated with cold asthma were identified. These metabolites were mainly carbohydrates, fatty acids and their products, organic acids, and others. Seven pathways were identified by MetaboAnalyst 4.0 metabolic pathway analysis. After intervention with dried ginger and LGWWJX decoction, the majority of altered metabolites and metabolic pathways returned to control levels. LGWWJX decoction regulated more metabolites of carbohydrates and fatty acids, which contribute to energy metabolism and oxidative stress in cold asthma, than dried ginger. We concluded that dried ginger and LGWWJX decoction both were effective for treatment of cold asthma. LGWWJX decoction was more effective than dried ginger for treatment of cold asthma. This study evaluated the effects of dried ginger and LGWWJX decoction on cold asthma at the metabolomics level. It provides a reference for the research on the compatibility of Chinese Medicine.