This study was carried out for the functional investigation of the $Ulmus$ $pumila$ L. extracts for use in functional-food processing. Extracts of $Ulmus$ $pumila$ L. were obtained using distilled water and 70% ethanol, and the extracts were tested for their electron-donating ability, SOD-like activity, nitrate-scavenging ability, and anticancer (MDA and A 549 cells) activity. The extraction yields of the water and ethanol extracts were 12.7 and 12.0%, respectively; the polyphenol contents were $623.5{pm}2.4$ and $710.5{pm}2.1$ mg/100 g; the electron-donating ability was high in proportion with the density; and the water extract was higher than the ethanol extract (76 and 64%, respectively) at 1,000 ppm. In all the 1,000 ppm densities, the SOD-like activity of the water extract was far higher than that of the ethanol extract (53 and 38%, respectively), and the nitrite-scavenging ability of the ethanol extract was higher than that of the water extract (47 and 43%, respectively). As for the anticancer ability at 1,000 ppm, it was 62% in the water extract and 42% in the ethanol extract in the MDA cell, and 60% in the water extract and 45% in the ethanol extract in the A 549 cell. Thus, the proliferation inhibition ability of the water extract against cancer cells was found to be far higher than that of the ethanol extract (60 and 45%, respectively).