Aromatic components in the essential oil prepared from the leaves of cultivated Myrica gale var. tomentosa were compared with those from oil derived wild plants by using gas chromatography-mass spectroscopy (GC/MS). We found that essential oils from both the wild and cultivated plants contained similar aromatic components such as β-elemenone, selina 3,7(11)-diene, myrcene, limonene, cymene, 1,8-cineole, and β-pinene, but the content ratio of the oil was significantly different, which might yield differences in the aromatic properties. The aroma impact components of the essential oils were also determined using GC/MS-Olfactometry (GC/MS-O) and aroma extract dilution analysis. Eight aromatic compounds, including linalool, limonene, and 1,8-cineole, were shown to contribute to the aromatic properties of cultivated M. gale var. tomentosa. The strongest aromatic note was defined as linalool, followed by limonene, 1,8-cineole, and β-elemenone. The essential oil, ethanol (EtOH), 1,3-butylene glycol (BG), and 1,3-propanediol (PD) extracts prepared from the leaves of cultivated M. gale var. tomentosa also showed antioxidant and antimicrobial activities, that is, they demonstrated scavenger activity against hydroxyl and superoxide radicals in the aqueous phase, and showed inhibitory effects on lipid peroxidation. The essential oil extracts also exhibited antimicrobial activity against gram-positive bacteria, with the lowest minimum inhibitory concentration value against Bacillus subtilis. In conclusion, the essential oil and solvent extracts from cultivated M. gala var. tomentosa have a potential for utilization as food and cosmetic ingredients.