This study compared physicochemical properties and antioxidant activities according to different harvest times in five varieties of black rice (BR). Five cultivars of BR, Nunkeunheukchal (NKHC), Sinnongheugchal (SNHC), Sintoheugmi (STHM), Josaengheugchal (JSHC), and Heugjinju (HJJ), were selected for the study. Cultivars were transplanted on June 20th and cultivated by the Department of Southern Area Crop Science, NICS in Miryang, Korea. Heading dates of NKHC, SNHC, STHM, JSHC, and HJJ were Aug. 17th, Aug. 30th, Sep. 1st, Aug. 20th, and Aug. 12th, respectively. The five different harvest times were as follows; 35, 40, 45, 50, and 55 days after heading date. The highest level of anthocyanin was 35 days after heading date in all varieties. Levels of anthocyanin in NKHC, SNHC, STHM, JSHC, and HJJ were 164, 203, 251, 67, and 210 mg/100 g, respectively. Content of anthocyanin significantly decreased 35 days after heading in four varieties, excluding JSHC. Highest DPPH $IC_{50}$ values were 57, 29, 10, and $27{\mu}g/mL$ in NKHC, SN HC, STHM, and JSHC extracts, respectively. Highest ABTS $IC_{50}$ values were 24, 13, 9, and $11{\mu}g/mL$ in NKHC, SNHC, STHM, and JSHC extracts, respectively. The antioxidant activities were highest 35 days after the heading date and significantly decreased in four varieties, excluding HJJ. The antioxidant activity of HJJ showed no significant difference, according to harvest time. This study suggests that the content of anthocyanin and antioxidant activity could be considered as factors affecting optimal harvest period to produce highly qualified black rice.