Soybean genotypes of different color seeds (5 black, 3 yellow, 1 brown and 1 green)were sown during kharif2015. The seeds of all the genotypes were collected at different reproductive stages (R5 to R8) of soybean. The protein,totalphenol and anthocyanin contents in whole seeds and seed coats were measured and the antioxidant activity(peroxidase and 1,1-diphenyl-2-picrylhydrazyl (DPPH) radical scavenging activity) were measured. The black colored soybeans were foundto have higher phenol, anthocyanin contents as well as protein content on par with yellow soybean. The highest antioxidantactivity was observed in the extracts of black and brown varieties. The highest total phenol content was found in DharwadBlack Local and Dharwad Soybean Mutant, with the highest total antioxidant activity. The study indicated that, varietiesof black and brown seeds could be of special significance not only for their higher content of total polyphenols, ranging from4.52 to 6.86 mg of gallic acid equivalents/g of dry material, but also for their high content of natural antioxidants such asanthocyanins. Hence, black soybean is not only a good source of phenol but also anthocyanin with biological activity inaddition to a source of protein and oil contents. Therefore, development of multipurpose soybean with industrial andnutritional value is emphasized.