The present study described the optimization of the extraction process with carbon dioxide in supercritical state for obtaining extractives, especially polyphenols from softwood bark, Norway spruce (Picea abies (L.) Karst.). Using a full 23 factorial design of experiments, the effect of varying the working parameters on the yield of extractives was studied for the following ranges: temperature 40–100 °C, pressure 1050–9000 psi (7.2–62 MPa), and concentration of EtOH/water co-solvent mixture 40–96.6%. In addition, total phenolics content and the antioxidant capacity of the spruce bark extract were determined. The optimum operating conditions for the yield of extractives were identified as 73 °C, 6465 psi (44.5 MPa), and 58% EtOH/water cosolvent concentration for a yield of 8.92%. The optimum conditions for achieving a total phenolics content of 13.89 mg gallic acid equivalent (GAE)/g dry extract were determined as: 45 °C, 1050 psi (7.2 MPa), and 96.6% EtOH/water mixture.