Mulberry (Morus spp. L., Moraceae) fruit, leaves, bark and branches have been used in traditional medicine as diuretic, hypoglycemic and hypotensive medicaments. The mechanism of their effects is correlated with the content of active components. The objective of this work was to evaluate and compare antioxidant properties of different extracts of two Morus species growing in Serbia: Morus alba L. (white mulberry) and Morus nigra L. (black mulberry). Potential antioxidant activity, content of antioxidant compounds (phenolics and flavonoids) and radical scavenging capacity, tested by the DPPH method, were evaluated. The phenolic and flavonoid composition of different Morus extracts was determined by the HPLC method. The extracts prepared from fruits, leaves and roots of M. alba and M. nigra exhibited different characteristics. The highest extraction yield was achieved by M. alba leaves extraction (23.40%). M. nigra roots extract showed the highest total phenolics (186.30 mg CAE/g), while the highest total flavonoids content (67.37 mg RE/g) was determined for M. nigra leaves extracts. In addition, black mulberry leaf extracts with the highest antioxidant activity had the highest phenolic acids contents. The dominant phenolic components in the samples were rutin and chlorogenic acid. All investigated mulberry dry extracts showed high content of phenolic compounds and significant antioxidant activity. This work contributes to knowledge of the antioxidant properties of Morus species. The obtained results may be useful in the evaluation of new dietary supplements and food products.