Plastic house and laboratory experiments were conducted to determine the effects of substrate components and shade degrees on plant growth and physiologically-active substance content and antioxidant activity of Panax ginseng. No significant difference in growth characteristics among substrates was observed. However, shade treatment also significantly reduced leaf area, chlorophyll content, root length, and shoot and root fresh weight (P<0.05) with increasing of the degree. Total phenolics level [mg ferulic acid equivalents (FAE) $kg^{-1}$ DW] was higher in root parts (25.8 to 28.4 mg $kg^{-1}$) than shoot parts (20.7 to 23.8 mg $kg^{-1}$) of Panax ginseng, and with shade (23.7 to 28.4 mg $kg^{-1}$) than without shade (20.7 to 25.8 mg $kg^{-1}$). However, total flavonoids [mg naringin equivalents $kg^{-1}$ DW] was more detected in the shoot part (17.4 to 26.8 mg $kg^{-1}$) than in the root part (6.7 to 7.0 mg $kg^{-1}$) of Panax ginseng. Methanol extracts from the Panax ginseng plants dose-dependently increased DPPH free radical scavenging activity as a antioxidant potential, and the activity was higher in shoot parts (31.1 to 36.5%) than in root parts (24.9 to 28.7%), and without shade than with shade. In conclusion, shade affects plant growth as well as physiological activity of Panax ginseng under plastic house condition.