Different extraction methods (organic solvent and water extraction with the assistance of heat or ultrasound) were investigated for their effects on the phytochemical profile and antioxidant activity of Clitoria ternatea flowers. For solvent extraction (30%, 50%, 80%, or 100% methanol, ethanol, or acetone), 50% ethanol was considered to be the best solvent for the extraction with an extract yield of 57.3%, a total anthocyanin content of 5.1 mg of cyanidin 3-glucoside equivalent/g of dry weight of extract, and a total phenolic content of 59.4 mg of gallic acid equivalent/g of dry weight of extract. Similar results were obtained for the best water extract at 50 °C for 1 h. A larger number of phytochemicals were identified using LC-MS analysis in the solvent extract (28 compounds). Kaempferol hexosyl-rhamnosyl-rhamnoside was the major compound detected in both the solvent and the water extract. Both extracts showed equally potent antioxidant activity in chemical [IC 50 = 1.24 ± 0.05 (solvent extract) and 1.18 ± 0.07 (water extract) mg/mL in the 2,2-diphenyl-1-picryl-hydrazyl-hydrate assay] and cellular (75−80% inhibition) antioxidant assays.