The objective of this study was to investigate the enolization reaction and the antioxidant activity of caramelization products (CPs) obtained by caramelization browning of glucose and fructose solutions prepared at a pH ranging from 7.0 to 12.0 at varying temperatures ($80-180^{circ}C$). The degradation of sugars rapidly increased at a high alkaline pH (10.0-12.0), and fructose degraded more rapidly than glucose (p<0.05). As the pH increased, the degree of sugar enolization was higher in fructose than in glucose. Browning and the formation of intermediate degradation products increased with the increase in heating temperatures. The browning development was dependent upon the type of sugar, and it was generally higher at alkaline pH than at neutral pH. The reducing power and 2,2-diphenyl-1-picrylhydrazyl (DPPH) radical scavenging activity of the CPs increased with the increase in browning and formation of large amounts of intermediates. Therefore, the CPs with pronounced antioxidant activity can be prepared by heating fructose or glucose solutions that have a very alkaline pH to high temperatures.