This study was carried out to optimize the solvent for extracting the antioxidants and α-glucosidase inhibitors (AGIs) from Pyracantha fortuneana fruit (PFF) and the major chemical components were characterized by HPLC-QTOF-MS/MS. The results showed that 50% and 70% acetone (v/v, ml/ml) gave the best extraction efficiency on phenolics and total flavonoids, while 70% acetone and 50% methanol possess better recovery on protein and polysaccharides, respectively. In addition, the 50% and 70% acetone extracts gave the strongest radical scavenging ability and α-glucosidase inhibitory activity (p > 0.05), but the Fe reducing power of the 50% acetone extract was higher than that of 70% acetone. Correlation analysis indicated that phenolic acids and flavonoids were connected to the antioxidant activity and α-glucosidase inhibitory activity closely. Moreover, 25 compounds including 7 flavonoids, 6 phenolic acids, 7 organic acids, 3 tannins, 1 terpene, and 1 alkaloid were identified or tentatively identified in the 50% acetone extract. Overall, 50% acetone can be a proper solvent for extracting antioxidants and AGIs from PFF. PRACTICAL APPLICATIONS: Imbalance between production and clearance of reactive oxygen species (ROS) in the body could induce various chronic diseases. PFF is an edible fruit beneficial to human health; it is reported to be capable of optimizing blood glucose levels and may prevent premature aging. In the present study, PFF was found to be excellent in antioxidant activities and α-glucosidase inhibitory ability; 50% acetone was found to be the best extraction solvent. In addition, the predominant phytochemical components of the 50% acetone extract were characterized. This study can promote further research of Pyracantha fortuneana in natural functional products, especially in the prevention of type II diabetes and its complication.