Decoction of oriental medicinal preparation is prepared in various manners, and changes of chemical constituents might be occurred depending on the processing techniques. The present study was undertaken to investigate the phγsio-chemical and pharmacological equivalence between two extraction methods of Nokyong-sagunja-Tang. Samples were Prepared as follows ; Sample-I was prepared by simultaneously extracting Sagunja-Tang and velvet antler in one vessel. Sample-lI was prepared by adding velvet antler exact to the water extract of Sagunja-Tang. Both sanples showed similar results of physiochemical parameters such as pH, yield, TLC and HPLC chromatogram, and contents of ginsenoside $Rb_1$ and glycyrrhizin. Also, there were little different between two samples in pharmacological effects such as DPPH free radical scavenging effect, and inhibitory effects on xanthine oxidase, hyaluronidase, trypsin, TBA-Rs formation and hemolysis in vitro. And both samples showed no significant difference in antifatigue activities in mice. These results suggest that there might be little difference between two extraction process when velvet antler added to Sagunia-Tang.