Coccinia grandis contains secondary metabolites, such as flavonoids, phenolic acids, terpenoids, alkaloids, sterols, and glycosides, which are known to have in vitro antioxidant, antidiabetic, anti-inflammatory, and antidyslipidemic activities. C. grandis fruits change dramatically during ripening, and the differences in the phytochemicals contribute to various uses. This study reports the phytochemical compounds and antioxidant activities during ripening of C. grandis for the first time. Characterizations were conducted on the physiologically active substances in C. grandis fruits at three ripening stages, and a total of 25 peaks were identified. Key phytochemicals in the ripening stages of C. grandis were identified, and the major substances that contributed to antioxidant properties were selected and quantitatively analyzed. Although the concentration of tiliroside increased during aging, hydroxycinnamic acid (chlorogenic and p-coumaric acids), flavonols (rutin), and triterpenes (cucurbitacins B and D) with antioxidant effects decreased. Therefore, phenolic compounds and cucurbitacins dominate immature C. grandis quantitatively. Regarding phytohormones, the gibberellin A4 content decreased as the fruits matured, but indoleacetic acid and salicylic acid increased with fruit maturity. The antioxidant capacities determined by DPPH and ABTS consistently decreased with increasing maturity. Accordingly, the extracts of immature C. grandis fruits have high levels of bioactive compounds and can be used to develop food additives and health supplements.