To study the health promoting effects of medicinal plants, 30 medicinal plants commonly available in Korea have been evaluated for their antioxidant compounds and antioxidant and antiproliferative activities. Total polyphenolics and flavonoids in the methanolic extracts were measured by spectrophotometric methods and 1,1-diphenyl-2-picrylhydrazyl (DPPH) and 2,2-azino-bis-(3-ethylbenzothiazoline-6-sulfonic acid (ABTS) radical scavenging activities and chelating effects have been determined for antioxidant activities. Moreover, the effects of medicinal plants on cell proliferation of intestinal (Caco-2) and pituitary (GH3) tumor cells were investigated using thiazolyl blue terazolium bromide (MIT) assay. The methanolic extracts of Pueraria thunbergiana and Artemisiae asiatria contained the highest total polyphenolic and flavonoid contents, respectively. P. thunbergiana exhibited the highest antioxidant activities. A. asiatria showed the strongest antiproliferative activity against Caco-2 and Ponciruc trifoliata Rafin and Lophathrum gracile Bronghiart exhibited the highest activities against GH3. Although there was positive correlation between ABTS radical scavenging activity and polyphenolic contents ($R^2=8189$), no relationship was found between antiproliferative and antioxidant activities.