In this study, to develop balloon flower (Platycodon grandiflorum) leaves, which are not used as tea, a method of making green tea was referred to, and several physiological activities were analyzed using the balloon flower leaf tea with different times of roasting and rubbing. The highest total polyphenol and tannin contents were 33.02 mg GAE/g and 5.03 mg/g at two times of roasting and one time of rubbing, respectively. In the case of the total flavonoids, the RO3 + RU2, subjected to three times of roasting and two times of rubbing, showed the highest value, whereas there was no significant difference between the control and the other samples. Except for the green tea as a control, the RO2 + RU1 samples reported the highest antioxidant activity whereas it decreased with increasing number of times of roasting and rubbing. The color, lightness, and yellowness tended to decrease slightly as the number of increasing roasting and rubbing among the samples with no significant difference. All of these things together, to develop tea using the balloon flower leaves would be suitable with two times of roasting and one time of rubbing.