Schisandra sphenanthera Rehd. et Wils., as a traditional Chinese medicine, has important medicinal value. In the market, the availability of the fruit of S. sphenanthera mainly relies on wild picking, but many canes and leaves are discarded during wild collection, resulting in a waste of resources. The canes and leaves of S. sphenanthera contain various bioactive ingredients and can be used as spice, tea, and medicine and so present great utilization opportunities. Therefore, it is helpful to explore the effective components and biological activities of the canes and leaves to utilize S. sphenanthera fully. In this study, the response surface method with ultrasound was used to extract the total triterpenoids from the canes and leaves of S. sphenanthera at different stages. The content of total triterpenoids in the leaves at different stages was higher than that in the canes. The total triterpenoids in the canes and leaves had strong antioxidant and antibacterial abilities. At the same time, the antibacterial activity of the total triterpenoids against Bacillus subtilis and Pseudomonas aeruginosa was stronger than that against Staphylococcus aureus and Escherichia coli. This study provides the foundation for the development and utilization of the canes and leaves that would relieve the shortage of fruit resources of S. sphenanthera.