Monascus spp. produces various secondary metabolites such as Monacolin K (MK) and Monascus pigments (MPs) during fermentation which were beneficial to human. In order to obtain a certain amount of MK and MPs at the same time, the solid-state fermentation (SSF) of Monascus MPs-7 on the rice substrate with the addition of different concentrations of soybean meal and soybean dregs was explored. The yield of the two metabolites were analyzed, and the influence mechanism of auxiliary material was also explored. The results showed that adding two kinds of auxiliary material as fermentation medium promoted the yield of MK. However, the yield of MPs was inhibited. When soybean meal addition was 15% (mass fraction), the production capacity of MK was the highest, but almost no MPs was produced. Addition of 15%(mass fraction) bean dregs as fermentation medium increased the yield of MK and in the meanwhile maintained a certain yield of MPs, and the cost was lower than that of soybean meal, which was more suitable as an auxiliary material added to the SSF of Monascus. The study showed that nitrogen content of the substrate could affect the accumulation of mycelium during the SSF of Monascus, thus affecting the production of secondary metabolites.