The present study was conducted to assess the effect of elevated ozone stress on the development and metabolite contents of lemongrass, a medicinal plant. The experimental plant was exposed to two elevated ozone concentrations (ambient + 15 ppb, and ambient + 30 ppb) using open-top chambers. Samplings were carried out at 45 and 90 days after transplantation (DAT), for the analysis of different characteristics, while the metabolite contents of leaves and essential oils were analyzed at 110 DAT. Both the doses of elevated ozone had notable negative effects on the carbon fixation efficiency of plants, resulting in a significant reduction in plant biomass. Enzymatic antioxidant activity increased during the second sampling, which suggests that the scavenging of reactive oxygen species was more prominent in lemongrass during the later developmental stage. The results of the present study showed a stimulated diversion of resources towards the phenylpropanoid pathway, which is made evident by the increase in the number and contents of metabolites in foliar extract and essential oils of plants grown at elevated ozone doses, as compared to ambient ozone. Elevated ozone not only upregulated the contents of medicinally important components of lemongrass, it also induced the formation of some pharmaceutically active bio compounds. On the basis of this study, it is expected that increasing ozone concentrations in near future will enhance the medicinal value of lemongrass. However, more experiments are required to validate these findings.