In this study, total polyphenol, flavonoid and anthocyanin content (TPC, TFC and TAC), antioxidant activity (AA) and individual phenolic composition of potato peel and flesh from four potato varieties were investigated. On average, TPC, TFC and TAC in the peel were 1.59 times, 2.91 times and 1.46 times higher than in the flesh, respectively. As well, the AA measured by FRAP, DPPH and ABTS was 1.64 times, 2.19 times and 1.66 times higher than in the flesh, respectively. A total of thirteen individual phenolic compounds (gallic acid, protocatechuic acid, chlorogenic acid, caffeic acid, p-coumaric acid, ferulic acid, myricetrin, kaempferol, delphinidin, petunidin, pelargonidin, peonidin, malvidin) and ascorbic acid were identified by HPLC. Phenolic acid (chlorogenic acid) and anthocyanidins (petunidin and peonidin) were predominant in both potato peels and flesh. In addition, a very high positive correlation was found between TPC, TFC and AA, suggesting that AA could be attributed to high polyphenol content. Potato peel could be used as an important source material in the production of functional food for consumers and food industry.