Background: In this study, column chromatography was applied to separate active fractions from the ethyl acetate extract of Celastrus hindsii, a medicinal plant widely used in Southern China, Northern Vietnam, Myanmar, and Malaysia. Methods: Fourteen fractions from different dilutions of chloroform and methanol were separated by column chromatography and examined for biological activities. Results: It was found that a dilution of 50–70% methanol in chloroform yielded the highest total phenolics, flavonoids, and antioxidant activities (1,1-dipheny1-2-picrylhydrazyl (DPPH), 2,2-azinobis (3-ehtylbenzothiazoline-6-sulfonic acid), diammonium salt (ABTS) radical scavenging activity, and β-carotene bleaching method measured by lipid peroxidation inhibition). In addition, by gas chromatography-mass spectrometry (GC-MS) and electrospray ionization-mass spectrometry (ESI-MS) analyses, fifteen principal compounds from bioactive fractions belonging to fatty acids, amides, flavonoids, sterols, terpenes, and phenols were identified. Of these compounds, α-amyrin, β-amyrin, hydrazine carboxamide, hexadecanoic acid, fucosterol, (3β)-D:C-friedours-7-en-3-ol, rutin, and 2-hydroxy-1-ethyl ester accounted for maximal quantities, whilst concentrations of other constituents were <5%. Conclusions: It is suggested that these identified compounds may greatly contribute to the antioxidant capacity of C. hindsii as well as its potential pharmaceutical properties.