Total phenol, flavonoid and saponin content of soy bean and mung bean were systemically compared in order to evaluate their contribution to overall antioxidant activity. Mung bean extract possessed significantly higher total phenol (2.03 GAE g−1 vs. 1.13 GAE g−1) and flavonoid contents (1.49 GAE g−1 vs. 0.41 CAE g−1) than soy bean extract, while the saponin content of the soy beans was 4.5 times greater than that of the mung beans. In several antioxidant assays including DPPH and ABTS radical scavenging, FRAP, SOD-like activity, and a β-carotene bleaching assay, mung bean extract consistently showed significantly greater antioxidant activity than soy bean extract. The specific antioxidant activity, which was evaluated at the same phenolic content suggested that the phenolic compounds present in the mung bean extract were not only of greater quantity but also had better quality to eliminate radicals. The radical scavenging activities of saponins were only marginal.