Black chestnut (BC) was obtained through aging of fresh chestnut (FC) at 80℃ for 15 days. Proximate and mineral compositions along with colors of FC and BC were evaluated. With aging, moisture contents decreased by 50%, whereas sugar contents, carbohydrate contents, and calories increased. Contents of minerals (Fe, P, Ca, Na, Mg, K) were significantly higher in FC than in BC, showing an order of Mg < Ca < P < K in both FC and BC. Using a Hunter color system, it was found that lightness (L), redness (a), and yellowness (b) values of FC were higher than those of BC. Antioxidant and cytotoxic activities of hot water and ethanol (50, 80, 100%) extracts prepared from FC and BC were evaluated. Extraction yields were lower with FC than with BC. Among water and ethanol extracts, water extract showed the highest DPPH radical scavenging activity for both FC and BC. IC50 values for ABTS+ radical scavenging activities increased after aging. Cytotoxicities of FC and BC extracts were similar to each other. They were different against various cell lines (3T3, HeLa, and Sarcoma-180). These results suggest that BC could be used as a new processed food using chestnut.