As a novel non-thermal processing method, the concentration of active compounds in plasma-activated water (PAW) is usually adjusted by changing the voltage and preparation time. We recently adjusted the discharge frequency and found that the PAW properties were improved. In this study, fresh-cut potato was selected as a model, and PAW was prepared using a frequency of 200 Hz (200 Hz-PAW). Its efficacy was compared with that of PAW prepared using 10 kHz. The results showed that the ozone, hydrogen peroxide, nitrate, and nitrite concentrations in 200 Hz-PAW were 5.00-, 3.62-, 8.05-, and 1.48-fold higher than those of 10 kHz-PAW. PAW inactivated the browning-related enzymes polyphenol oxidase and peroxidase, lowering the browning index and inhibiting browning; 200 Hz-PAW exhibited the lowest of these parameters during storage. In addition, PAW induced PAL to promote phenolic synthesis and increase antioxidant activity to delay malondialdehyde accumulation; 200 Hz-PAW exhibited the highest of these parameters. Moreover, 200 Hz-PAW had the lowest weight loss and electrolyte leakage rates. Furthermore, microbial analysis showed that the lowest aerobic mesophilic, mold, and yeast counts during storage were observed in the 200 Hz-PAW group. These results suggest that frequency-controlled PAW has the potential to treat fresh-cut produce.