Abstract: Background and Objective: Mulberry is a delicious yet delicate fruit with a high nutritional value. However, nutritional values are changed when mulberry is processed into wine. This study aims to reveal the changes in phenolic compounds and antioxidant activity during fermentation and aging of wines made from mulberry fruit. Materials and Methods: Total anthocyanins (TAC), total phenolics (TPC), total tannins (TTC) and total flavonoids (TFC) as well as antioxidant activities were measured in mulberry wine during alcoholic fermentation and aging. Data were analyzed by one-way ANOVA followed by Duncan’s range test using Prism™. Results: Overall, fermentation increased the TPC, TTC and TFC. TAC reached it maximum (911.73 mg L–1) at day 1 of fermentation and then reached it minimum (158.80 mg L–1) value aged to 90 days (p<0.05). Changes in the free radical scavenging activity and reducing power were similar to changes in the ferric reducing antioxidant power. During the wine-making process, antioxidant capacity increased during fermentation and decreased during aging. Conclusion: Mulberry wine has a higher TAC, TPC, TTC, TFC and antioxidant activity and the changes in TAC, TPC, TTC and TFC were consistent with the changes in antioxidant activity during fermentation and aging.