Abstract: In order to give better play to the reuse value of pilose antler waste, the chemical components and pharmacological activities of the waste were studied. Pilose antler medicinal materials were treated according to the production process of pilose antler oral liquid standard (Ministry of Health Standard: WS3-B-2232-96). Then the waste produced in the production of pilose antler oral liquid was reextracted by water extraction and alcohol precipitation. Ultrahigh performance liquid chromatography quadrupole electrostatic field orbital trap high resolution mass spectrometry (UPLC-Q-Orbitrap HRMS), bicinchoninic acid (BCA) and phenol-sulfuric acid methods were used to study the chemical components of the extract. The antioxidant capacity of the extract was evaluated by three ways including free radical scavenging test of 1,1-diphenyl-2-trinitrophenylhydrazine (DPPH), 2,2-diazo-bis (3-ethyl-benzothiazole-6-sulfonic acid) diammonium salt (ABTS) and Ferric ion reducing antioxidant power (FRAP). Moreover, the antioxidant activity was further verified by hydrogen peroxide and glutamate cell oxidative damage model. The skin injury repairing activity of the extract was proved via mouse skin trauma model. The results showed that via water extraction and alcohol precipitation, the supernatant contained oligosaccharides, amino acids, nucleosides and other substances. The lower precipitation part was mainly protein polypeptide and polysaccharide, and the sum of the two was more than 70%. The antioxidant results showed that after water extraction and alcohol precipitation treatment, the two supernatant parts of the waste produced by oral liquid showed better antioxidant activity. Among them, the antioxidant effect of the supernatant part of pilose antler drug residue after water extraction and alcohol precipitation treatment was better, and the IC₅₀ of DPPH and ABTS⁺ free radical scavenging rates were 0.82 and 2.52 mg/mL respectively, FRAP results also confirmed this, and when the concentration was 0.1 mg/mL, it could significantly (P<0.05) improve the cell survival rate of hydrogen peroxide and glutamate oxidative damage model group (more than 10%). Although the precipitated parts of the two wastes after treatment did not show good antioxidant activity, they showed good activity in subsequent skin repair experiments. Both precipitated parts showed good wound repair activity at 0.010 g/mL (P<0.05), while the two supernatants did not show wound repair activity. In summary, the protein, polysaccharide and other substances could be obtained from the waste produced during the production of pilose antler oral liquid after extraction, which had good antioxidant and wound repair activities, had the value of further research and utilization, and would successfully develop functional foods.