To make full use of the space under the Cinnamomum migao forest, the effects of soil water extracts in an artificial C. migao forest on the growth of Amomum villosum were studied from the perspective of the allelopathic effect, and the possibility of establishing an intercropping system for C. migao and A. villosum was explored. A. villosum as the acceptor, and the rhizosphere and forest soil water extracts were used as the test solution, six water extracts at concentrations of 0, 0.5, 1, 5, 10, 50 mg/mL were used to treat A. villosum, and the germination of the A. villosum seeds, the growth of the seedlings, and the soil enzyme activities were studied.We also investigated the effects of C. migao soil rhizosphere soil and forest soilwater extract on the growth of A. villosum. The results showed that the germination of A. villosum extracts by the two soil water extracts of C. migao were inhibitory at high concentrations, but stimulatory under low concentrations, with no significant differences. Forest soil of C. migao water extract had a significant effect on the total biomass and seedling height of the A. villosum seedlings; it increased first and then slowly decreased. The rhizosphere soil water extract was inhibiting at high concentrations. Thus, based on the synthetic allelopathic index, the two aqueous extracts have inhibitory effects on soluble protein content, free proline (Pro) content, and soil urease (S-UE) activity, and the rest are promoting effects. The promoting effects of forest soil are stronger than the rhizosphere soil. The GC-MS was used to identify 18 compounds from the rhizosphere and forest soils of C. migao. However, it contained allelochemicals such as phenolic acids and alkanes, it had no obvious inhibitory effect on seed germination and seedling growth of A. villosum over a certain concentration range, and it showed stronger adaptability under the treatment of forest soil of C. migao water extracts. Therefore, it is possible to adopt the seedling transplanting method when planting A. villosum under the C. migao forest and constructing the forest-medicinal herb intercropping system of the C. migao-A. villosum.