"Chimarrao" and "terere" are popular beverages consumed in South America prepared using mate (Ilex paraguariensis St. Hil.). "Chimarrao" consists of a partial infusion where hot water is added, while "terere" is a total infusion, with addition of cold water. This study was designed to simulate preparation of these beverages for consumption, in order to estimate the total amount of xanthines and phenolic compounds in aqueous extracts that would be ingested by the consumer. Different commercial types of mate were employed for "chimarrao" preparation (native, smooth, traditional, and course-ground), and these were compared to "terere". In "chimarrao", beverages from coarse-ground mate showed the highest levels of xanthines. However, "terere" presented quantities 2.5 times higher than the beverage of the coarse-ground mate. Considering the total phenolics in "chimarrao", there was no difference between the types of herbs, but in "terere", the extraction of almost all of the phenolics was observed.