Sedum spectabile is an ornamental herbaceous perennial considered as a long-day plant. Varying levels of hormones and sugars possibly affect flower bud formation. This study aimed to determine the changes in endogenous hormones, sugars, and respiration levels in leaves and in apical buds. In addition, the current research was also conducted to observe the morphological changes during the induction, initiation and development of flower buds. Results showed that the periods of floral induction, initiation and development of S. spectabile were the period from 0 d to 1 d, 2 d to 10 d and after 11 d respectively under long day of 20 hours. High zeatin level in apical buds was conducive to floral induction; the increasing levels of gibberrelin and indole acetic acid favor floral initiation; floral development was regulated by mutually synergistic and antagonistic relationships of hormones. The total starch content in leaves remarkably decreased during floral induction. Moreover, soluble sugar content increased and reached the maximum level at 20 d of the treatment period. Afterward, soluble sugar content declined rapidly and was probably transported to the apical buds for rapid floral development. Furthermore, the total respiration of leaves maintained an upward trend; the cytochrome pathway also maintained an increasing trend after the plants were treated for 20 d. Such changes may favour the morphological differentiation of apical buds in floral development.