N-Eicosapentaenoyl vanillylamine (EPVA) and N-docosahexaenoyl vanillylamine (DHVA), derived from n-3 polyunsaturated eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), respectively, were studied for their potential antioxidant and carbohydrate-hydrolysing enzyme inhibitory activities together with capsaicin and the corresponding n-3 polyunsaturated fatty acids (PUFAs). The antioxidant potential was evaluated by 2,2-diphenyl-1-picrylhydrazyl (DPPH) assay, 2,2′-azino-bis(3-ethylbenzothiazoline-6-sulphonic acid (ABTS) assay, β-carotene bleaching test, and ferric reducing ability power (FRAP). In the ABTS assay the following trend of potency could be observed EPVA > DHVA ≥ capsaicin. In addition, except for the FRAP test, all samples showed a greater activity than the positive controls used as reference compounds in the antioxidant assays. Both EPVA and DHVA showed half maximal inhibitory concentration (IC50) values much lower than acarbose, which was used as the reference drug in the carbohydrate-hydrolysing enzyme inhibitory activity assays. It is interesting to note that structural changes in capsaicin derivatives had higher impacts on α-glucosidase than on α-amylase inhibition. Taken together, our data suggest that both EPVA and DHVA, which are not limited in compliance-related considerations with respect to capsaicin, due to absence of pungency, could be proposed as functional ingredients for the development of products for the management of type II diabetes and border-line hyperglycaemic patients.