Physalis alkekengi L. var. franchetii (PALF) is a traditional Chinese medicine, which is well known for its antimicrobial, anti-inflammatory, antipyretic, and expectorant properties. Its fruits and fruiting calyxes are used as dietary supplements and traditional herbs in China. However, the quality of calyxes is uneven, and it is prone to getting moldy or moth-eaten during storage. High-performance liquid chromatography (HPLC) fingerprints and multivariate chemometric methods were combined to evaluate quality, and three representative compounds were chosen as the quality markers (Q-markers). Hierarchical cluster analysis (HCA) and principal component analysis (PCA) provided a clear discrimination of PALF samples. Through further verification by partial least squares discriminant analysis (PLS-DA), backpropagation artificial neural network (BP-ANN), machine learning, and combination with the determination of the content, biology, and pharmacology effect judgment, galuteolin, rutin, and physalin O could be used as Q-markers that their contents affect the quality of PALF grade evaluation. A simple method was established to rapidly assess the quality of PALF that is important for its clinical application and storage and provide a reference for evaluating the quality of materials used in Chinese medicine.