Xinhui chenpi (XHCP), the sun-dried peel of the mandarin orange, Citrus reticulata "Chachi," is the most famous crude drug, as well as a traditional seasoning in Chinese cooking. The main cultivation methods of XHCP are cutting and grafting, but it is generally considered that the quality of XHCP after cutting is superior to that obtained from plants propagated by graftings, which had a negative impact on the marketing of the finished product. In our study, a total of 25 samples of XHCP obtained from plants cultivated by either traditional methods (i.e., from cuttings) or by grafting were collected to compare the contents of four types of metabolites (essential oils, flavonoids, synephrine, and total polysaccharides) as well as antioxidant activity. The results revealed that the quality of XHCP did not decline after cutting, and marked individual differences between XHCP samples, even when prepared from plants grown in the same way. In general, grafting had no significant effect on the most essential oils components, total polysaccharides, synephrine, total flavonoids, total polymethoxylated flavones, hesperidin, nobiletin, tangeretin content, and antioxidant activity. Nevertheless, five volatile compounds can be used as potential chemical markers (p < 0.05) to distinguish between cutting XHCP and grafted XHCP, while four volatile compounds showed high content in grafted XHCP. Our study is expected to provide a theoretical basis for XHCP breeding and cultivation, and thereby further standardize the market of XHCP.