An optimisation of extraction towards an increased antioxidant capacity and the study on the extracts’ composition by HPLC-ESI-Q-TOF-MS were performed on different organs of a rarely studied plant: Rheum cordatum Losinsk (Polygonaceae) growing in Kazakhstan. More than 20 compounds from anthraquinones and phenolics were identified in an optimised method. The plant was proven to contain a wide variety of phenolic compounds (catechins, flavonoids, and their glucosides and phenolic acids) in contrast to the anthraquinone composition, which was mainly represented by emodin and its analogues. The results of the studies could determine the plant as a rich source of pharmacologically precious polyphenols. It was evidenced that the extracting solvents, the time of collection, and the organs tested affected both the chemical content and the antioxidant potential of the extracts. Ethanol : water (50 : 50 v/v) was selected as the most beneficial extractant for all metabolites, and based on the principal component analysis of raw data, the radical scavenging potential of the plant was strictly related to the presence of epicatechin gallate (ECG), kaempferol glucoside, and epigallocatechin gallate (EGCG) occurring in this extract at the concentration of 1.69-5%, 0.16-0.47%, and 0.001-2.93%, respectively.