The Chang’E-4 (CE-4) spacecraft landed successfully on the far side of the Moon on 3 January 2019, and the rover Yutu-2 has explored the lunar surface since then. The visible and near-infrared imaging spectrometer (VNIS) onboard the rover has acquired numerous spectra, providing unprecedented insight into the composition of the lunar surface. However, the noise in these spectral data and its effects on spectral interpretation are not yet assessed. Here we analyzed repeated measurements over the same area at the lunar surface to estimate the signal–noise ratio (SNR) of the VNIS spectra. Using the results, we assessed the effects of noise on the estimation of band centers, band depths, FeO content, optical maturity (OMAT), mineral abundances, and submicroscopic metallic iron (SMFe). The data observed at solar altitudes <20° exhibit low SNR (25 dB), whereas the data acquired at 20°–35° exhibit higher SNR (35–37 dB). We found differences in band centers due to noise to be ~6.2 and up to 28.6 nm for 1 and 2 μm absorption, respectively. We also found that mineral abundances derived using the Hapke model are affected by noise, with maximum standard deviations of 6.3%, 2.4%, and 7.0% for plagioclase, pyroxene, and olivine, respectively. Our results suggest that noise has significant impacts on the CE-4 spectra, which should be considered in the spectral analysis and geologic interpretation of lunar exploration data.