In this study, a novel green walnut liqueur (GWL) based on green walnuts, as the main ingredient, with the addition of fruits, aromatic plants, chocolate and honey, was produced at the pilot-scale. Antioxidant activity (AO) of the obtained GWL was determined using multiple AO assays in parallel, standard spectrophotometric (FC, DPPH and FRAP) and recently developed electrochemical ones, HydroxoPerhydroxoMercury(II) Complex and Mercury Reduction Antioxidant Power, and compared to similar commercial alcoholic beverages. Characterization of the GWL in terms of volatile and polyphenolic components was performed using SPE-GC-MS and HPLC-DAD-MS/ MS, respectively. Sensory quality assessment was performed by experts in the field of sensory analysis of alcoholic beverages, using a scoring method. According to all AO assays applied, AO activity and total phenolics content of GWL were superior in comparison to commercial spirits considered. The volatile fraction of GWL was mainly composed of eugenol, a-terpineol and vanillin, while the most prevalent phenolic compounds were gallic (5.054 mg/L) and chlorogenic acid (1.307 mg/L) and flavonoids such as catechine (0.882 mg/L), quercetin (0.499 mg/L) and its sugar-conjugated derivatives, quercetin 3-O-glucoside (0.774 mg/L) and quercetin-3-Orhamnoside (0.614 mg/L). Gallic acid is the major contributor to total AO activity, especially determined by DPPH and FRAP, followed by catechine, quercetin and chlorogenic acid. Among the terpenoids, contribution of eugenol to total AO activity is estimated as the highest. Excellent sensory quality (18.52 of maximum 20 scores) was ascribed to GWL. Consequently, the presence of bioactive compounds and high AO activity of GWL, in addition to high sensory quality score, indicates a high market potential for this high-value product.