Purpose: The purpose of this study was to examine the antioxidative and antidiabetic effects of drinks with Gugija (Lycii fructus) and Maegmundong (Liriope platyphylla) extract powders. Methods: Drinks were prepared with Gugija and Maegmundong extract powder at a ratio 2:1 (GMPD-1) or 1:2 (GMPD-2). Antioxidative and antidiabetic effects of drinks were investigated by free amino acid determination as well as total polyphenolics and flavonoid analysis. Antioxidative effect was analyzed by DPPH and ABTS radical scavenging activities, whereas antidiabetic effects were evaluated by α-glucosidase inhibitory activity. Results: GMPD-1 having higher total polyphenolics and flavonoid showed higher DPPH and ABTS radical scavenging activities. GMPD-1 was a more effective inhibitor against α-glucosidase activity. Two major free amino acids of drinks were asparagine and methionine. Conclusion: These results show that Gugija and Maegmundong extract powders could potentially be applied in functional foods such as health drinks.