In this study, the ethanolic extracts of S. vaninii (SEP) and I. hispidus (IEP) were prepared by the ultrasonic-assisted extraction method using 95% ethanol, and their active components, major polyphenolic content, in vitro antioxidant activity, and potential hypoglycemic effects were analyzed and compared, with their correlations were analyzed. The results showed that the mass fractions of total phenolics and total sterols in SEP were 33.06% and 7.78%, respectively, which were significantly higher than those in IEP (P<0.05). However, the extraction yield (7.96%) and the mass fraction of total flavonoids (13.90%) of SEP were lower than those of IEP (18.59% and 25.53%, respectively) (P<0.05). Compared with IEP, SEP had higher contents of protocatechuic acid (196.07 μg/mg), protocatechuic aldehyde (142.17 μg/mg), and vanillic acid (138.77 μg/mg) (P<0.05), and a highertotal content of seven phenolic compounds. Moreover, SEP exhibited higher DPPH, ABTS+ and hydroxyl radical scavenging activities, reducing power, anti-lipid peroxidation activity, and stronger inhibitory activity against α-glucosidase (IC50=0.44 mg/mL) compared with IEP (IC50=0.62 mg/mL). However, IEP showed stronger inhibitory activity against α-amylase (IC50=0.46 mg/mL) than SEP (IC50=0.65 mg/mL). The correlation analysis revealed a strong correlation between the phenolic compounds and the antioxidant activities and enzyme inhibitory capacities. In summary, although SEP exhibits higher antioxidant activity and α-glucosidase inhibitory activity than IEP, both exhibit significant hypoglycemic potential. Considering the high yield of IEP, IEP may be more suitable for the development of hypoglycemic products due to its low cost. These results may promote the comprehensive utilization and in-depth development of Sanghuang resource.