The objectives of this study were to examine changes in the color and antioxidant compounds of paprika powder under various conditions, as well as to establish the suitable conditions for drying and storage. Paprika was dried using the following methods: freeze-drying, vacuum drying, far infrared-ray drying, and hot-air drying. Measurements of the moisture content, color pigments, and antioxidant compounds (total carotenoids, capsanthin, ascorbic acid, and total polyphenols) were completed during 120 days of storage at 4 and $30^{circ}C$. We found that drying methods, storage temperatures, and packaging materials affected the American Spice Trade Association (ASTA) and Hunter color values, as well as the antioxidant content of paprika powder. There was a high correlation (r=0.87, p<0.01) between the ASTA color and the $a^*/b^*$ value. The loss of red color was closely related to the reduction of moisture content (r=0.81, p<0.01) during storage. Drying paprika with a low temperature in the absence of air resulted in better retention of the carotenoids and ascorbic acid. Also, as the retention of the carotenoids and ascorbic acid increased, the stability of the red pigment increased. Freeze-drying was found to be the most suitable drying method for the stability of the antioxidant compounds and red pigment.