Germination can increase γ-aminobutyric acid (GABA) accumulation in grains, but the combined effects of germination and other external stress on rice grains have been little studied. In this investigation, enhanced accumulation of GABA and modification of its metabolic pathways in black rice grains were investigated during germination under cold stress. The combination of cold stress and germination resulted in a greater accumulation of GABA than germination alone. The treatment of cold stress at 0 °C for 1 h and germination for 72 h induced a maximum GABA content of 195.64 mg/100 g, 51.54% higher compared to the control, which was superior to any other treatment. We modified the metabolism of the GABA shunt to the orientation of GABA synthesis, in which the activity of glutamic acid decarboxylase and protease were stimulated. The total content of free amino acid indicated an upward trend as germination prolonged. The degradation of polyamines was partly promoted due to elevated diamine oxidase and polyamine oxidase activity, but the activity of amino-aldehyde dehydrogenase for the direct synthesis of GABA in the pathway was suppressed. The result implied that the GABA shunt might play a major role in enhancing GABA accumulation induced by cold stress and germination rather than the polyamines degradation pathway. This investigation provides a practical reference for GABA accumulation by germination under cold stress and a theoretical basis for the possible mechanism underlying the accelerating action.