The variations in antioxidant activity and concentration of functional components in the ethanol extracts of lotus seeds and rhizomes based on the growing region and dryness were investigated. Free radical scavenging activity, total phenolic and flavonoid content, and concentration of several specific flavonoids and alkaloids in the ethanol extracts of lotus were measured. Antioxidant activity and its correlative total phenolic content varied characteristically depending on the growing region and dryness. High-perfomance liquid chromatography analysis showed that the ethanol extracts of lotus seeds from Vietnam (Ho Chi Minh City), raw rhizomes from Korea (Siheung), and dried rhizomes from Japan (Nigata) had the greatest specific flavonoid content. The ethanol extracts of seeds from China (Hubei), raw rhizomes from Japan (Nigata), and dried rhizomes from Korea (Siheung) had the greatest specific alkaloid content. Astragaline, rutin, isoquercetin, nuciferine, dauricine, isoliensinine, and neferine were identified in lotus rhizomes for the first time in this study.