Sea buckthorn pomace (SBP) is a by-product of sea buckthorn processing that is rich in bioactive compounds. In this study, different active ingredients were extracted by using different solvents (water, methanol, ethanol, glycerol, ethyl acetate, and petroleum ether) combined with an ultrasonic assisted method. The correlation between the active ingredients and antioxidant properties of the extract was studied, which provided a research basis for the comprehensive utilization of SBP. This study revealed that the 75% ethanol extract had the highest total phenolic content (TPC) of 42.86 ± 0.73 mg GAE/g, while the 75% glycerol extract had the highest total flavonoid content (TFC) of 25.52 ± 1.35 mg RTE/g. The ethanol extract exhibited the strongest antioxidant activity at the same concentration compared with other solvents. The antioxidant activity of the ethanol, methanol, and glycerol extracts increased in a concentration-dependent manner. Thirteen phenolic compounds were detected in the SBP extracts using UPLC-MS/MS analysis. Notably, the 75% glycerol extract contained the highest concentration of all identified phenolic compounds, with rutin (192.21 ± 8.19 μg/g), epigallocatechin (105.49 ± 0.69 μg/g), and protocatechuic acid (27.9 ± 2.38 μg/g) being the most abundant. Flavonols were found to be the main phenolic substances in SBP. A strong correlation was observed between TPC and the antioxidant activities of SBP extracts. In conclusion, the choice of solvent significantly influences the active compounds and antioxidant activities of SBP extracts. SBP extracts are a valuable source of natural phenolics and antioxidants.