Abstract: A two-step fermentation method was used to prepare Hovenia dulcis Thunb Huangjiu, its physical and chemical indexes were tested, and its antioxidant capacity was evaluated. To explore the reasons for its antioxidant, the total phenols and total flavonoids in soaked and fermented Hovenia dulcis Thunb Huangjiu were compared, and the differences in the content of the main active ingredients dihydromyricetin and myricetin were further analyzed by high-performance liquid chromatography. The results showed that Huangjiu fermented with Hovenia dulcis Thunb (HFH) belonged to special type semi-dry Huangjiu. It had medicinal aroma, improved bitterness and astringency, and better taste. Its V_C milligram equivalents on DPPH, ABTS, OH free radical scavenging ability and reducing power were 0.727, 33.60, 9.07 and 0.823 mg V_C/mL, which were higher than those of Huangjiu. After comparison, it was found that the total phenol content of HFH was 1120.20 mg/L, which was significantly higher than that of the soaked type (P<0.05), and the total flavonoid content was 217.20 mg/L. The content of dihydromyricetin in HFH was 235.66 mg/L, which was significantly higher than that in the soaked type (P<0.05), and the content of myricetin was 16.12 mg/L. Fermentation increases the content of total phenols in HFH, enriches dihydromyricetin, and makes it possess an outstanding antioxidant capacity.