Background: To enhance the taste and physiological characteristics of Lycii fructus (Gugija) extracts, we investigated the changes in the physiological characteristics of Gugija extracts caused by adding white ginseng (WG) and red ginseng (RG) Methods and Results: Gugija extracts, including 10G10, 10GW-G8 : 2, -G6 : 4, -G4 : 6, -G2 : 8, and -G0 (mixtures made by replacing 0, 20, 40, 60, 80, and 100% of Gugija with WG), as well as 10G10, 10GR-G8 : 2, -G6 : 4, -G4 : 6, -G2 : 8, and -G0 (mixture made by replacing 0, 20, 40, 60, 80, and 100% of Gugija with RG) were extracted with water at 10 times the respective mixture's volume. The antioxidant activities of Gugija extracts were investigated by assessing their 1,1-diphenyl-2-picrydrazyl (DPPH) and 2,2'-azinobis(3ethylbenzothiazoline-6-sulfonic acid) (ABTS) radical scavenging activity, ferric reducing antioxidant potential (FRAP) activity, nitrite scavenging activity, and angiotensin converting enzyme (ACE) inhibitory activity. As the amount of WG added increased, the DPPH, and, ABTS radical scavenging activity, and FRAP activity of the Gugija extract decreased. The half maximal inhibitory concentration ($IC_{50}$) value of 10G10, 10GW-G6 : 4, 10GR-G6 : 4, and 10GR-G0 for DPPH radical scavenging activity were $25.50{\pm}1.04$, $52.06{\pm}1.46$, $16.87{\pm}1.24$, and $9.50{\pm}0.16{\mu}{\ell}/m{\ell}$, respectively. On the other hand, the physiological activity of Gugija extract increased with the addition of increasing amounts of RG. However, ACE inhibitory activity was the highest ($50.25{\pm}2.58%$) in the Gugija 10-fold extract without any added RG. Conclusions: From the above results, we suggest that adding RG to Gugija extracts increase their antioxidant, FRAP, and nitrite scavenging activities.