Two different drying methods (vacuum freeze-drying and hot-air drying) were used to dry mulberry of three varieties ’Baiyuwang’(D1), ’Longsang’(D2) and ’Zhongshen.1’(D3), and the fresh fruit of each variety was used as the control. The effects of different processing conditions on the physical characteristics, nutrients, functional components and antioxidant activity of mulberry fruit were analyzed. The results show that after different drying methods, after vacuum freeze-drying, the physical properties of dried mulberry fruit such as wettability, hygroscopic property and water retention, soluble protein, ascorbic acid and other nutrients, functional components such as polyphenols, resveratrol, chlorogenic acid and anthocyanin, and antioxidant activities such as DPPH free radical scavenging ability and ABTS free radical scavenging ability were superior to hot air drying (P < 0.01). It was concluded that vacuum freeze drying was more beneficial for retaining the original quality of mulberry than hot air drying. This study can provide a retaining theoretical basis for mulberry deep processing and comprehensive development and utilization.