This study investigated optimal extraction conditions for application of Ulmus pumila L. as a natural antioxidant. U. pumila L. was extracted using ethanol (EtOH) at various concentrations (0, 40, and 80%) and extraction times (1, 2, and 3 h) at 70°C and then evaluated for extraction yield, total phenolic contents, total flavonoid contents, as well as antioxidant activities [2,2-diphenyl-1-picrylhydrazyl (DPPH), 2,2'-azino-bis(3-ethylbenzothiazoline-6-sulfonic acid) (ABTS) radical scavenging activity, reducing power, and oxygen radical absorbing capacity (ORAC)]. Antioxidant activities were correlated with total phenolic and flavonoid contents. Of the solvent conditions, 80% EtOH extracts for 3 h at 70°C showed the highest total phenolic and flavonoid contents with strong antioxidant activities, although there were no significant time effects on DPPH and ABTS radical scavenging activities and reducing power. However, ORAC values of all EtOH extracts remarkably increased in a time-dependent manner. In addition, 80% EtOH extract for 3 h exhibited strong antioxidant effects on HDF and 3T3-L1 cells. Therefore, the antioxidant capacity of U. pumila L., may due to phenolic and flavonoid contents, and extraction conditions were 80% EtOH for 3 h at 70°C. This extract could be a good source for natural antioxidants.