In order to explore the feasibility of replacing grass charcoal with coconut bran as the seedling substrate of ginseng cave disc，coconut bran，grass charcoal and vermiculite were compounded in different proportions according to volume，and the effects of different matching matrices on the growth and physiological indicators of ginseng seedlings were studied. The results showed that with the decrease of the proportion of coconut bran in the matrix，the porousness of the substrate ventilation was increased，the porosity of water retention was decreased，and the contents of available phosphorus and available potassium were significantly higher than those of CK (grass charcoal∶vermiculite = 5∶3)，of which T3 treatment (coconut bran∶vermiculite = 2∶1) was not significantly different from CK in terms of stem thickness，root length，fresh weight，dry weight，root-to-crown ratio，strong seedling index，chlorophyll content，Peroxidase(POD) activity，Catalase(CAT) activity，and Malondialdehyde(MDA) content compared with CK. T4 treatment (coconut bran∶vermiculite = 1∶1) was optimal，and the leaf area，underground dry weight and fresh weight，root-to-crown ratio，seedling index，soluble protein，SOD activity，POD activity and MDA content of T4 treatment were significantly better than those of CK (P<0.05)，and the comprehensive analysis score of membership function of T4 treatment(0.936)，which was higher than that of CK was 0.775. In summary，T4 treatment (coconut bran∶vermiculite = 1∶1) is the most suitable coconut bran ratio matrix，which can replace the ginseng seedling matrix formula based on grass charcoal.