The antioxidant activity of beers comes mainly from phenolic compounds and melanoidins. The aim of this research was to evaluate the effect of technological operations, especially the ethanol fermentation process using top fermentation brewer’s yeast Saccharomyces cerevisiae, on the antioxidant activity of dark dry hopped beers with a high xanthohumol content. Four beers were produced using different varieties of hops. The polyphenol content during beer processing increased at the stage of hopping and fermentation, while it decreased during aging. The ability to reduce iron ions increased for all beers compared to hopped wort. The opposite tendency was noted for the antioxidant capacity expressed as the ability to reduce the radical cation ABTS•+ generated from 2,2′-azino-bis (3-ethylbenzthiazoline-6-sulfonic acid). Fermentation and aging caused a decrease in beer color intensity. The content of 5-hydroxymethylfurfural (5-HMF) increased with the color intensity of wort, therefore in beers no presence of 5-HMF was observed. The beers were characterized by a distinctly high content of xanthohumol in the range of 1.77–3.83 mg/L and 0.85–1.19 mg/L of isoxanthohumol. The content of prenylflavonoids and bitterness of beer depended on the variety of hops used.