This study aims to establish the content of multiple components in Huangqi decoction by High-performance liquid chromatography coupled with diode array and evaporative light scattering detectors (HPLC-DAD-ELSD), and discuss the therapeutic effects of Huangqi decoction on non-alcoholic liver disease. The contents of 8 active evaluation. Next, oleic acid-induced HepG2 were used as the model of lipid accumulation in vitro. The composition-activity relationship between active ingredients and the ingredients were determined by HPLC-DAD-ELSD. Non-alcoholic liver injury model was induced by a high-fat diet for efficacy cells lipid-lowering activity of Huangqi decoction was constructed by bivariate correlation analysis and gray relational analysis to screen pharmacodynamic substance. The content of the eight compounds were determined as follows: calycosin-7-O-β-D-glycoside (0.711±0.316 mg/g), liquiritin (0.403±0.451 mg/g), ononin (0.385±0.181 mg/g), liquiritigenin (0.053±0.071 mg/g), calycosin (0.037±0.015 mg/g), formononetin (0.037±0.004 mg/g), glycyrrhizic acid (13.37±3.544 mg/g), and astragaloside IV (0.110±0.051 mg/g). A total of nine compounds (astragaloside IV, glycyrrhizic acid, formononetin, calycosin-7-O-β-D-glycoside, ononin, liquiritin apioside, liquiritigenin, calycosin, and liquiritin) related to the lipid-lowering effect of Huangqi decoction. The established method for the determination of multi-component content of Huangqi Decoction in the treatment of non-alcoholic liver disease is accurate and efficient. Huangqi Decoction has a good effect on the treatment of non-alcoholic liver disease, which can be used as reference for the development of Huangqi decoction related health care products.