Pueraria is a rich source of bioactive compounds, but there is a lack of comprehensive information concerning its composition. Therefore, a UHPLC-Q-Orbitrap HRMS method was developed to identify and quantify bioactive compounds in pueraria. Twelve isoflavones were quantified, with puerarin being the most abundant, followed by puerarin 6″-O-xyloside, 3′-methoxy puerarin, and 3′-hydroxy puerarin. A further 88 bioactive components in eight categories were also tentatively identified. The 12 isoflavones, except for genistein, exhibited α-glucosidase inhibitory activity. The binding of these compounds to the active site of α-glucosidase was confirmed via molecular docking analysis. These findings provide a basis for identifying pueraria as a promising functional food ingredient.