Chongmyungtang (CMT) is a traditional Korean herbal medicine, used therapeutically for memory improvement. It consists of 3 herbs, wongi (Polygala tenuifolia Willdenow, WNG), sukchangpo (Acorus gramineus Soland, SCP), and bokshin (Poria cocos Wolf, BKS). This study evaluated CMT and its components in terms of anti-cholinesterases (ChEs) activity, antioxidant activity, and their effects on memory in mice. CMT displayed the highest inhibition towards acetylcholinesterase (AChE), followed by WNG, SCP, and BKS. WNG was found to be the most effective herb with an estimated $IC_{50}$ value of 0.94 mg/mL on butyrylcholinesterase (BuChE) inhibition. At a concentration of 5 mg/mL, DPPH scavenging activities of CMT, WNG, and SCP reached a plateau of about 90%. WNG exhibited the highest total phenolic contents followed by CMT, SCP, and BKS. CMT and its components prolonged the step-through latency shortened by scopolamine. These results suggest that CMT shows potential cognitive improvement by inhibition of ChEs and promotion of antioxidant activity.