Phenolic compounds such as isoflavones contribute to the antioxidant properties of soybean. This study investigated differences in the phenolic content and antioxidant activity of ten soybean cultivars grown in two different locations in Korea. We observed a wide range of variation in total isoflavone and phenolic content by location and cultivar. The total isoflavone content of cultivars grown at Pyeongchang (sub-highland) was significantly higher than that in cultivars grown at Gangneung (lowland). In contrast, the total phenolic content of cultivars grown at Gangneung was greater than that of cultivars grown at Pyeongchang. The radical scavenging activity of DPPH was similar to that of the total phenolic content rather than that of the total isoflavone content. These results suggest that antioxidant activity of soybean was associated with phenolic compounds rather than isoflavones. To identify the individual antioxidant components, we used an on-line HPLC-$ABTS^+$-based assay system, ESI/MS, and NMR. The results showed that the strongest antioxidant activity was linked to epicatechin.