The quality characteristics and antioxidant activities of makgeolli added with different amounts of pomegranate powder (0%, 5%, 10%, 15%, 20%) were investigated. Although pH was reduced with increasing concentrations of pomegranate powder, all pH values rapidly decreased for 2 days, and then gently increased afterwards. Total acidity increased until 3 days of fermentation and then slowly increased. Sugar and reducing sugar contents reached maximum levels after 1 day of fermentation and gradually decreased until 7 days. Alcohol content remarkably increased until 2 days and gradually increased until 7 days. The addition of over 10% pomegranate powder increased yeast count until 3 days of fermentation, followed by a decrease. In the sensory evaluation, color, flavor, sweetness, and overall acceptance decreased with increasing concentrations of pomegranate powder, and sourness and bitterness slightly increased. Early antioxidant activity improved according to the concentration of pomegranate powder, but addition of 15% and 20% pomegranate powders reduced antioxidant activity from 3 days of fermentation. In conclusion, addition of 10% pomegranate powder would be the most suitable to manufacture pomegranate makgeolli.