Propolis is a natural product with a variable and complex chemical composition associated with its high concentration on polyphenolic compounds. The effect of pH variation (2.0, 3.0, 4.3, 6.0 and 8.0) during aqueous and ethanolic propolis extraction was studied for up to 10 days. Total phenols and flavonoids contents were measured for the extracts by spectrophotometric assays. Antioxidant activity was measured by 2,2‐diphenyl‐1‐picrylhydrazyl (DPPH), ferric reducing antioxidant power (FRAP) and ferric thiocyanate (FTC) methods. The best time of extraction was up to 5 days for all samples. Basic aqueous extracts (pH 8.0) resulted in a higher concentration of compounds than the extract without pH modification, reaching an increase of 160% in flavonoids and 25% in phenols. Ethanolic extracts with pH variation resulted in an extract with 50% less polyphenols and 6% less flavonoids than extract without pH modification. The antioxidant activity was highest for ethanolic extract at pH 4.3 and aqueous extract at pH 8.0 – almost 90% and 45%, respectively, in DPPH method – and was related to the level of polyphenols by Pearson's correlations.