Subcritical water extraction of 13 phenolic compounds from Erigeron breviscapus has been studied using statically single factor experimental design. Results indicate high yields of the phenolic compounds except scutellarein and apigenine obtained at temperatures ranging from 100 to 140 °C. Box–Behnken experimental design (BBD) on three levels and three significant variables was used for optimization of total flavonoids and the antioxidant activities measured by a free radical method (DPPH). The amounts of total flavonoids were higher than that using methanol and ethanol extraction and the extraction efficiency using subcritical water was much higher. Moreover, the contents of macro–element K, Na, Ca, Mg, Fe, and trace element Cu, Mn, Zn, Cr, Ni, Co, Sr, Mo, Sn, Sb, Ba, Bi, V, Pb, Cd, Cr and Ni in three different parts of Erigeron breviscapus were determined by ICP–AES and ICP–MS.