In the present work, mulberry fruit extracts by four extraction processes, namely wet pressing extraction (WPE), hot-water extraction (HWE), enzymatic hydrolysis (EH), and lactic-acid bacteria fermentation (LBF) by Lactobacillus plantarum TO-2100, were analyzed for nutrients and functional compounds. The sugar contents of extracts by WPE, HWE, EH, and LBF were 12.0, 10.9, 14.5, and 14.3 brix, respectively, and the extraction yields by EH and LBF were 1.65 and 1.50 times higher than those by WPE. Among the organic acids, tartaric acid and malic acid contents were the highest in the extracts by WPE. Acetic acid was best extracted by LBF, and citric acid was best extracted by EH. Lactic acid was detected only in LBF. The extracts by EH showed the highest contents of all vitamins with an exception that the extracts by LBF showed the highest contents of the folic acid, vitamin B12, and vitamin C. We also noted that vitamin B group was not detected in the extracts by LBF. The extracts by EH showed the highest contents of all the amino acids, whereas LBF showed the lowest. Polyphenol contents of extracts by EH and LBF were 3.05 and 2.51 times more than those by WPE respectively. Anthocyanin contents were 7.66, 7.14 times higher for EH and LBF compare to WPE. We manufactured mulberry fruit granular teas with different compositions and tested them for their sensory characteristics. We found that 15% mulberry fruit extracts by enzymatic hydrolysis and 85% dextrin composition gave the most satisfactory result.