Yerba Mate drink made from dried and crushed leaves and twigs of Paraguayan holly ( A. St.-Hil.), which is a valuable source of bioactive substances, in particular antioxidants. The available literature lacks data on changes in the content and profile of bioactive compounds such as tannins, caffeine, the phenolic acid profile of flavonoids and carotenoids, as well as total polyphenol content and antioxidant activity in Yerba Mate infusions depending on different brewing conditions, and how different brewing conditions affect the physicochemical properties of these infusions. Therefore, this study evaluated the physicochemical properties of dried and Yerba Mate infusions prepared via single and double brewing processes at 70 °C and 100 °C. The organoleptic evaluation, as well as the instrumental color measurement, showed significant changes in the total color difference (Δ) and the *** chromatic coordinates of dried Yerba Mate samples and their infusions. Moreover, the research showed higher contents of tannins (mean 1.36 ± 0.14 g/100 g d.m.), caffeine (mean 17.79 ± 3.49 mg/g d.m.), carotenoids (mean 12.90 ± 0.44 μg/g d.m.), phenolic acids (mean 69.97 ± 7.10 mg/g d.m.), flavonoids (mean 5.47 ± 1.78 mg/g d.m.), total polyphenols (mean 55.26 ± 8.51 mg GAE/g d.m.), and antioxidant activity (mean 2031.98 ± 146.47 μM TEAC/g d.m.) in single-brewed Yerba Mate infusions compared to double-brewed (0.77 ± 0.12 g/100 g d.m., 14.28 ± 5.80 mg/g d.m., 12.67 ± 0.62 μg/g d.m., 57.75 ± 8.73 mg/g d.m., 3.64 ± 0.76 mg/g d.m., 33.44 ± 6.48 mg GAE/g d.m. and 1683.09 ± 155.34 μM TEAC/g d.m., respectively). In addition, infusions prepared at a lower temperature (70 °C) were characterized by a higher content of total polyphenols and higher antioxidant activity, in contrast to the tannin and carotenoid contents, the levels of which were higher at 100 °C than at 70 °C. Considering the high amount of bioactive ingredients, in particular antioxidants, and a wide range of health benefits, it is worth including Yerba Mate in the daily diet.