Effects of mashing on total phenolic contents (TPC), radical‐scavenging activity, reducing power and metal chelating activity of malts and corresponding worts were clarified in this study. Results showed that there were significant variations in TPC and antioxidant activity across malts and worts. An 8.8% of increase in TPC was observed during the early stage of mashing, accompanied by an increase in antioxidant activity. However, 2.6% of decrease in TPC and inconsistent changes in antioxidant activity were found during the mashing at higher temperature. Overall, mashing resulted in 6.0% and >10.0% of increases in TPC and antioxidant activity, respectively. Moreover, Pearson correlation analysis revealed that there were good correlations (ranging from 0.622 to 0.735, P < 0.01) between TPC and antioxidant activity of malts and worts. Additionally, mashing resulted in more positive correlations between TPC and antioxidant activity, emphasising the key role of malt phenolic compounds for wort antioxidant activity.