Ascophyllum nodosum is a brown seaweed common in Arctic tidal waters. We have collected A. nodosum samples from the Barents Sea (BS), Irminger Sea (IS), and Norwegian Sea (NS) in different reproductive stages and have evaluated their biochemical composition, radical scavenging potential, and health risks. The total content of dominating carbohydrates (fucoidan, mannitol, alginate, and laminaran) ranged from 347 mg/g DW in NS to 528 mg/g DW in BS. The proportion of two main structural monosaccharides of fucoidan (fucose and xylose) differed significantly between the seas and reproductive phase, reaching a maximum at the fertile phase in the BS sample. Polyphenols and flavonoids totals were highest in NS A. nodosum samples and increased on average in the following order: BS < IS < NS. A positive correlation of free radical scavenging activity for seaweed extracts with polyphenols content was observed. The concentration of elements in A. nodosum from the Arctic seas region was in the following order: Ca > Mg > Sr > Fe > Al > Zn > As total > Rb > Mn > Ba > Cu > Co. Seaweeds from BS had the lowest metal pollution index (MPI) of 38.4. A. nodosum from IS had the highest MPI of 83. According to the calculated target hazard quotient (THQ) and hazard index (HI) values, Arctic A. nodosum samples pose no carcinogenic risk to adult and child health and are safe for regular consumption. Our results suggest that the Arctic A. nodosum has a remarkable potential for food and pharmaceutical industries as an underestimated source of polysaccharides, polyphenols, and flavonoids.