The present study investigated the chemical composition, and antioxidant and physiological activities of the Korean marine algae, Codium fragile. The solvent extracts from C. fragile were prepared using 70% ethanol, 80% methanol, and distilled water. Based on the general chemical composition, carbohydrate, crude protein, crude lipid, crude ash, and moisture were 74.22%, 16.73%, 0.66%, 4.39%, and 4.00%, respectively. Calcium, magnesium, sodium and potassium were the main minerals. The extraction yield range of the solvent extracts was 3.51–9.76%. The ranges of total polyphenol and flavonoid contents were approximately 10.97–13.76 mg/g and 8.00–8.69 mg/g, respectively. The ABTS [2,2′-azino-bis(3-ethylbenzthiazoline-6-sulfonic acid)] radical scavenging activity, reducing power and FRAP (ferric reducing antioxidant power) activities were the highest in the ethanol extract, while methanol extract exhibited the strongest nitrite oxide scavenging activity. On the other hand, tyrosinase, elastase, and xanthine oxidase inhibitory activities of the ethanol and methanol extracts were higher than those of the water extract. Furthermore, the ethanol extract exhibited the highest β-secretase inhibitory activity. The results indicate that C. fragile can be used as an antioxidant and a functional ingredient in food and pharmaceutical products.