Oregano and marjoram are important aromatic spices in the food industry, as well as medicinal plants with remarkable antioxidant properties. Despite their popularity, little is known about treatments that would influence the antioxidant capacity of essential oils. In this study, different spectra of LED light, namely blue, red, white, blue-red, and natural ambient light as a control, were applied to assess the essential oil content, composition, flavonoid, phenolic, and antioxidant capacity of oregano and marjoram. GC-MS analysis revealed thymol, terpinen-4-ol, sabinene, linalool, p-cymene, and γ-terpinene as the main compounds. In oregano, the thymol content ranged from 11.91% to 48.26%, while in marjoram it varied from 17.47% to 35.06% in different samples. In oregano and marjoram, the highest phenolic contents were in blue (61.26 mg of tannic acid E/g of DW) and in white (65.18 mg of TAE/g of DW) light, respectively, while blue-red illumination caused the highest increase in total flavonoids. The antioxidant activity of oregano and marjoram extract was evaluated using two food model systems, including DPPH and β-carotene bleaching. The highest antioxidant capacity was obtained in control light in oregano and blue-red light in marjoram. The results provide information on how to improve the desired essential oil profile and antioxidant capacity of extracts for industrial producers.