The aim of this study was to investigate the differences between mulberry wine and mulberry fruit in terms of the phenolic compounds and antioxidant activity. Qualitative and quantitative analysis of phenolic compounds in mulberry fruit, dry wine and liqueur were performed with HPLC-ESI-MS/MS. It was found that, anthocyanin-3-glucoside and anthocyanin-3-rutinoside were detected in mulberry fruit, dry wine and liqueur. Pelargonidin-3-rutinoside and 4-pyruvate-anthocyanidin-3-glucoside were detected only in mulberry dry wine and liqueur. The content of anthocyanin-3-glucoside and anthocyanin-3-rutinoside in both mulberry dry wine and mulberry liqueur was significantly lower than that in mulberry fruit. In addition, of the eight non-anthocyanidin phenolic compounds identified in mulberry fruit, only four were present in dry wine and liqueur. Compared to the mulberry fruit, mulberry dry wine and liqueur showed significantly higher contents of protocatechin, taxfolin and quercetin. The DPPH free radical scavenging activity of mulberry fruit was between mulberry dry wine and liqueur. In conclusion, there are significant differences between phenolic compounds and antioxidant activities in mulberry fruit and mulberry wine. [ABSTRACT FROM AUTHOR]