Methanol extract and various solvent fractions from Moutan Cortex were tested for their antimicrobial activities, free radical scavenging activities and antioxidative activities, and phenolic compounds in ethylacetate fraction were analyzed by GC and HPLC. In the antimicrobial activities test, the ethylacetate fraction of methanol extract showed stronger than other fractions. The antimirobial activities were more effective against Gram positive bacteria than Gram negative bacteria. Minimum inhibitory concentration(MIC) of ethylacetate fraction showed 156-1250$mu extrm{g}$/ml against Cram positive bacteria and 2500-5000$mu extrm{g}$/mg against Gram negative bacteria. The free radical scavenging activities and antioxidative activities using linoleic acid were higher in ethylacetate fraction. The antioxidative activity of ethylacetate fraction was similar to ${alpha}$-tocopherol. The 3 major phenolic compounds were analyzed by GC and HPLC and these content were determined. The content of p-hydroxybenzoic acid, methyl gallate and gallic acid were 1.35%, 14.61% and 4.01%, respectively.