Lycium barbarum extract has a high potential to be developed as a health functional food due to the various health-promoting effects of Lycium barbarum. This study analyzed changes in nutritional and functional components depending on the extraction solvent (purified water and a mixture of purified water and alcohol) and the condition of the sample. The nutritional components (carbohydrates, protein, fat, ash), organic acids, amino acids, total phenolic compounds, and total flavonoids of the extract produced during the extraction process were analyzed. The nutritional composition and functional substances of the extracts showed some differences depending on the type of solvent and the condition of the sample. The amounts of crude protein (7.61%), crude fat (1.63%), carbohydrate (90.22%), and ash (0.54%) of dried Lycium barbarum extract using purified water as a solvent were similar to those of the powder sample extract. The highest content of citric acid was 4.31 mg/mL, similar to the case of acetic acid, when the powder sample used a mixture of purified water and alcohol as a solvent. The highest amino acid content was 357.39 mg/mL when the powder sample was mixed with purified water and alcohol as a solvent. The total amount of phenolic compounds was 686.16 g/L when the powder sample was extracted with a mixture of purified water and alcohol as a solvent. The highest total flavonoid content was 111.32 g/L when the powder sample was extracted with a mixture of purified water and alcohol as a solvent.