This study was conducted to investigate the effect of drying in antioxidant activity and to compare the changes of ascorbic acid and colour by drying and storage in Korean red pepper. The antioxidant activity of red pepper dried by modified method (MM, dried at 70 °C/6 h in cut pods) was about threefold higher than those dried by conventional method (CM, dried at 80 °C/5 h followed by 60 °C/18 h in whole pods) in the ([2,2′-azino-bis(3-ethylbenzthiazoline-6-sulfonic acid)] (ABTS) and (2,2-diphenyl-1-picrylhydrazyl) (DPPH) radical-scavenging assays, respectively. The ascorbic acid contents in MM and CM drying were 12.41 ± 2.15 mg g−1 and 3.05 ± 0.39 mg g−1, and were not changed for 3 months at 0 °C in red pepper dried by MM. The ASTA colour values of red pepper dried by MM and CM were 114.0 and 107.4, respectively. For 6- month storage, 72–85% of the colour was retained regardless of drying and storage conditions.