Stevia rebaudiana (Asteraceae), a perennial plant, has been used as a low-calorie sweetener and is being developed as a therapeutic agent for diabetes, hypertension, myocardial diseases, and microbial infections. Despite the common use of its leaves and stem, the bioavailability of the components present in S. rebaudiana flowers, when used as ingredients of cosmetics, has not been well investigated. Herein, we investigated the antioxidative and antimelanogenic effects of an aqueous extract of S. rebaudiana flowers (Stevia-F). Total flavonoid and phenolic content in Stevia-F were determined to be 8.64 ± 0.23 ㎎ of quercetin equivalents/100 g and 631.5 ± 2.01 ㎎ of gallic acid equivalents/100 g, respectively. The IC50 values of Stevia-F for reducing power, and 2,2-diphenyl-1-picryl-hydrazyl-hydrate radical, hydrogen peroxide, and nitric oxide scavenging activities were 5541.96, 131.39, 466.34, and 10.44 ㎍/mL, respectively. Stevia-F showed inhibitory effects on the tyrosinase (IC50 = 134.74 ㎍/mL) and α-glucosidase (IC50 = 114.81 ㎍/mL) activities. No significant cytotoxicity of Stevia-F was observed in B16F10 cells, treated with up to 100 ㎍/mL of the extract for 24 and 48 h (p > 0.05). Stevia-F (1–100 ㎍/mL) suppressed α-melanocyte stimulating hormone-induced melanin production in B16F10 cells (p < 0.05) and also inhibited the cellular tyrosinase activity (p < 0.05). Overall, our results show that Stevia-F possesses potential for inhibiting tyrosinase and α-glucosidase activities and has significant antioxidant capacity. The antimelanogenic potential of Stevia-F should extend the usage of S. rebaudiana flowers in the development of skinwhitening products.