The phytochemical composition of carotenoids, tocopherols, free sugars, organic acids, L-ascorbic acid, capsaicinoids, and flavonoids in green and red paprika (GP and RP), and paprika leaves (PL) cultivated in Korea were analyzed. The ethanolic extracts of GP, RP, and PL were obtained with 80% ethanol, and their antioxidative activities were determined by measuring their ABTS and DPPH radical scavenging activities. RP showed the highest contents of capsanthin (58.33 ± 3.91 mg/100 g dry weight) and L-ascorbic acid (1987.25 ± 19.64 mg/100 g dry weight), and main compounds of PL were lutein, chlorophyll, and γ-tocopherol (96.91 ± 14.58, 2136.71 ± 21.11, and 723.49 ± 54.10 mg/100 g dry weight, respectively). RP showed the strongest antioxidant activity (IC(50) = 55.23 ± 6.77 μg/mL in a 2, 2'-azino-di-[3-ethylbenzthiazoline sulphonate] assay and 150.40 ± 8.07 μg/mL in a 2, 2-diphenyl-2-picrylhydrazyl assay), and the antioxidant activity of PL was higher than β-carotene but lower than RP. The results indicate that the amounts of capsanthin and L-ascorbic acid in RP correlate well with antioxidant activity. PL, which has various phytochemicals such as lutein, chlorophyll, and γ-tocopherol, might be used in nutraceuticals and pharmaceuticals for improving human health.