Morphological markers as well as two types of molecular markers, inter-sample sequence repeat (ISSR) and start codon targeted (SCoT) are suitable for species identification of the polygonati rhizoma germplasms. In this paper, we adopted these methods for the identification of rhizomes collected from 47 areas in China. Based on their morphological characters, the collected germplasms were classified into two populations, one with alternate leaf arrangement and the other with verticillate leaf arrangement, and they were comprised of five species and fourteen subgroups. Of the five species identified: Polygonatum kingianum, P. cirrhifolium, P. alternicirrhosum, and P. sibiricum belonged to one cluster, and P. cyrtonema belonged to a different cluster. According to the analysis of both ISSR and SCoT markers, all germplasms with greater genetic similarity were classified into one group. Especially, P. sibiricum and P. cirrhifolium, which shared ∼80% similarity, were clustered together, whereas the germplasms identified as P. kingianum with ∼86% similarity formed a separate clade. P. kingianum showed a much greater genetic similarity with P. cyrtonema than with P. sibiricum. The multidimensional scaling analysis further verified the accuracy and reliability of the molecular marker-based results. Thus, both morphological and molecular methods should be combined for the differentiation of germplasms such as those of polygonati rhizoma.