The antioxidant activities of water, ethanol, methanol, and chloroform extracts of Ulmus davidiana were evaluated using various antioxidant assays: DPPH (1,1-diphenyl-2-pricrylhydrazyl) free radical scavenging; hydroxyl radical scavenging; lipid peroxidation scavenging; and reducing power assays. All extracts, except the chloroform extract, demonstrated strong antioxidant activity in all assays. The chloroform extract had the highest hydroxyl radical scavenging activity, and its activity was equivalent to $alpha$-tocopherol at a concentration of 0.5 mg/mL. Additionally, the antidiabetic activity of their extracts was also evaluated using a rat intestinal $alpha$-glucosidase inhibition assay. Among all extracts investigated, the methanol extract had the highest $alpha$-glucosidase inhibitory activity, although its activity was less than acarbose at $0.5;{mu}g/mL$. This result suggested that U. davidiana extracts may have antidiabetic activity. Total phenolic compounds and flavonoids were also measured. Phenolic compounds such as tannic acid, p-coumatric acid, and kaempferol were detected by high-performance liquid chromatography (HPLC). These results suggest that U. davidiana extracts may be useful as a potential source of antioxidant and antidiabetic materials.