Background : Invitro antioxidant activity, polyphenol and flavonoid aglycone contents in black and green tea products of balloon flower leaves were investigated to provide valuable information for the further development and utilization of resources of Platycodon grandiflorum. Methods and Results : Flavonoid aglycone contents were investigated using HPLC (SHIMADZU, Japan) with a hypersil ODS column (125 mm × 4 mm, 5-μm particle, HP). DPPH and ABTS radical scavenging activities were measured by method of Lee & Lee (2004) with slight modification. Antioxidant activity, polyphenol and flavonoid contents in green tea were significantly higher than these in black tea. PC analysis indicated that first principal components explained 79.9% of the total variability for five traits investigated. PC2 explained 19.7% of the variation. Conclusion : It can be concluded from these results that these characteristics can reveal the active compound variation of black and green tea products of balloon flower leaves. These results provide scientific evidence for the utilization of balloon flower leaves.