The purpose of this study was to investigate the antioxidant activity and tyrosinase inhibitory activity of Codonopsis lanceolata 50% ethanol extract, and its solvent fractions (n-hexane, ethyl acetate (EA), n-butanol, water). The main components of the EA fraction were qualitatively analyzed using UPLC Q-ToF/MS. Additionally, a quantitative analysis was performed using UPLC. As a result, the total polyphenol content was 113.36 mg gallic acid/g in the EA fraction, which contained the largest amount of the C. lancolata solvent fractions. Also EA showed the highest antioxidant activity than other fractions. The IC50 of DPPH(2,2-diphenyl-1- picrylhydrazyl) radical scavenging activity was 0.03 mg/mL and the IC50 of ABTS [2,2’-azino-bis(3-ethylbenzothiazoline-6-sulfonate)] radical scavenging activity was 0.049 mg/mL. The EA fraction showed tyrosinase inhibitory activity than other fractions and especially inhibited monophenolase oxidase reaction higher than diphenolase oxidase reaction. The monophenolase oxidase inhibited 55% when the concentration of the EA fraction was 0.25 mg/mL. As a result of Q-ToF/MS analysis, it was confirmed that tangshenoside I and lobetyolin were the main components of EA fraction. Thus, these results suggest that C. lanceolata may be used as a potent source of cosmetic agents.