The effects of freeze-drying (FD), vacuum microwave drying after freeze-drying (FD-VMD), and freeze-drying after vacuum microwave drying (VMD-FD) on the physicochemical properties, phenolic compounds, and antioxidant capacity of pear fruit slices were investigated. The results showed that FD samples had the highest crispness value (116.30 N·sec) and the lowest volume shrinkage ratio value (5.48%). Compared to FD, the VMD-FD and FD-VMD methods could save drying time without affecting the color of dried samples. FD-VMD samples had the lowest rehydration capacity and maintained a homogeneous porous structure, while the VMD-FD samples had obvious collapse. Compared to VMD-FD samples, FD-VMD samples had higher contents of ascorbic acid (20.91 mg/100 g), total phenolic (7.62 mg/g), total anthocyanin (0.21 mg/g), and gallic acid (1.21 µg/g). Moreover, FD-VMD samples showed the highest antioxidant capacity as evaluated by the 2,2-diphenyl-1-(2,4,6-trinitrophenyl) hydrazyl scavenging activity, 2,2'-azino-bis(3-ethylbenzothiazoline-6-sulfonic acid) scavenging capacity, and H2 O2 content. Compared with FD and VMD-FD, FD-VMD was most effective in maintaining better quality and shortening drying time of pear fruit slices. These findings suggested that FD-VMD might be a promising drying technique in the fruits and vegetable processing industries.