Abstract: The saponins in Panax notoginseng and Xueshuantong injection (freeze-drying) were analyzed using high performance liquid chromatography (HPLC) and HPLC-electrospray ionization-quadrupole-time of flight mass spectrometry (HPLC-Q-TOF MS). Through comparing the number of common peaks and the peak area ratio of saponins in Panax notoginseng and Xueshuantong injection (freeze-drying) to discuss the transformation loss of saponins from Panax notoginseng to Xueshuantong injection (freeze-drying). HPLC method was established to analyze the Xueshuantong injection (freeze-drying), and the analytes were separated on Waters XBridge C18 column (4.6 mm×250 mm×5 μm) at the constant flow rate of 0.35 mL/min. The column temperature was set at 40 ℃. 0.01% FA (A)-0.01% FA-CAN (B) was used as mobile phase for the gradient elution, and the detection wavelength was 203 nm. HPLC-Q-TOF MS was performed in ESI negative ion mode for data acquisition. Under this analytical condition, the saponins in Panax notoginseng were well separated and the chromatographic peaks were highly symmetrical. The comparative analysis of saponins in raw materials of Panax notoginseng and Xueshuantong for injection (freeze-dried) showed that notoginsenoside R1, ginsenosides Rg1, ginsenosides Re, ginsenosides Rg2, ginsenosides Rb1, ginsenosides Rd, ginsenosides F2 and gypenoside ⅩⅦ were detected in Panax notoginseng extract and Xueshuantong for injection (freeze-drying), and the peak area ratios were 2.55, 6.88, 3.02, 9.75, 31.30, 15.68, 15.98, 714.34, respectively. The results showed that the transfer rates of saponins from raw materials to final preparations were significantly different. The highest transfer rate of saponins was notoginsenoside R1, while the most lost substance in the production process was gypenoside ⅩⅦ. The study is helpful to clarify the material migration law of Xueshuantong injection in the production process.