Chinese narcissus (Narcissus tazetta var. chinensis) was introduced to China 1300–1400 years ago, and has grown naturally in southeastern China. It is a popular Chinese traditional potted flower and a well-known flowering bulb cultivated worldwide with only two white-tepal triploid cultivars, ‘Jinzhan Yintai’ and ‘Yulinglong’. Recently, a mutant with yellow tepals was observed and promptly became popular. To clarify the key pigment for color difference and its molecular mechanism of accumulation, we conducted pigment metabolite analysis and comparative transcriptome analysis on ‘Jinzhan Yintai’ and the yellow-flowered mutant. The results showed that there was no significant difference in total flavonoid content between the mutant and ‘Jinzhan Yintai’, whereas the total carotenoid content of the mutant was more than 10-fold higher than that of ‘Jinzhan Yintai’. Based on the RNA-sequencing results, sixty-four unigenes, corresponding to 29 enzymes associated with the carotenoid biosynthesis pathway, were analyzed in detail. A comparative KEGG pathway enrichment analysis, in conjunction with quantitative real-time PCR data, revealed the opposite gene expression mode of the carotenoid biosynthesis pathway. Compared with ‘Jinzhan Yintai ’, PSY and PDS were up-regulated in the three mid-flowering stages of the mutant, whereas NCED genes were strongly down-regulated, which likely contributed to carotenoid accumulation in chromoplasts of the tepals in the mutant.