The invention discloses a regulating agent capable of increasing fragrance and yield of fragrant rice. The regulating agent comprises the following components: alpha-ketoglutaric acid, gamma-aminobutyric acid, citric acid and lycine. The regulating agent provided by the invention is applied to the fragrant rice variety with the fragrance characteristic, so that the fragrance genetic characteristicof the fragrant rice variety can be excavated maximally and the fragrance quality of the fragrant rice variety can be improved simply and efficiently. Experiments discover that the regulating agent can obviously increase the fragrance substance 2-acetyl-1-pyrroline in the fragrant rice, can increase the yield of the fragrant rice and can increase the thousand seed weight; furthermore, the preparation components of the regulating agent are non-toxic and harmless, irritation on a human body is small, the application method is simple, and popularization and application are facilitated.