In Korea and China, cherry elaeagnus (Elaeagnus multiflora Thunb.) has been used traditionally to treat cough, diarrhea, itching, and foul sores. Therefore, in this study, the ethanol and water extracts of cherry elaeagnus leaves were examined for their antioxidant activities. The ethanol extract of the cherry elaeagnus leaves contained more phenolics than the water extract. All the cherry elaeagnus leaf extracts had higher 1,1-diphenyl-2-picrylhydrazyl (DPPH) radical scavenging ability than ascorbic acid at concentrations of $250-1,000;{mu}g/mL$. The ethanol extract also showed higher superoxide dismutase (SOD)-like activity compared to the water extract. Furthermore, the SOD-like activity of the ethanol extract amounted to 89% of that of ascorbic acid at a concentration of $500;{mu}g/mL$. The nitrite scavenging ability and xanthine oxidase inhibitory (XOI) activity of the ethanol extract were higher than those of the water extract. In particular, the ethanol extract had higher XOI activity than ascorbic acid at a concentration of $1,000;{mu}g/mL$.