Physiological characteristics of brown rice and black rice were investigated to provide the fundamental information of physiological property of rice and to show the potential of rice as a functional ingredient. Bioactive compounds were extracted from brown and black rices with aqueous solvents like 80% ethanol. Total phenolics, flavonoids and antioxidative capacity of brown and black rices’ extracts were determined. Brown rice showed much higher amount of total phenolics and flavonoid contents as well as antioxidative capacity than those of milled rice indicating that most of bioactive compounds are located in the bran layer. Black rice showed higher total phenolics and flavonoid contents and antioxidative capacity than those of brown rices. The highest antioxidative capacity was obtained from Heugjinju followed by Heugseol, Sinnongheug-chal, Hopum and Samkwang. This result indicated that antioxidative capacity is affected by total phenolics and flavonoid contents. Both brown and black rices contained higher amount of ferulic acid than that of p-coumaric acid.