Twenty soybean cultivars, originating from the United States, Russia, Serbia, and China, were analyzed for their isoflavone composition, total polyphenolic content, and antioxidant activity. Isoflavones were extracted by aqueous methanol (80%) and analyzed by high-performance liquid chromatography/diode array detection. Precision and linearity of the applied method were within the standard limits of validation. The highest and the lowest total isoflavone contents were 4.59 and 1.45 mg/g of dried soybean weight, respectively. A significant difference (P<.05) was found in isoflavone concentration among the different cultivars, but it was observed that origin is not a significant factor that could influence isoflavone content in soybeans. Total polyphenolic content varied between 2.13 and 3.45 mg of gallic acid equivalents/g of dried soybean weight. The free radical scavenging activity of soybean extracts assayed by 2,2-diphenyl-1-picrylhydrazyl in terms of 50% inhibitory concentration ($IC_{50}$) ranged from 1.40 to 3.35 mg/mL. Negative correlation between total polyphenolic content and $IC_{50}$ was observed, but there was no correlation between total isoflavone content and $IC_{50}$. On the basis of this study, soybean cultivars with larger potency for biological activity could be recognized.