This research examines the total polyphenol and flavonoid content and antioxidant activity of natural ingredients such as balloon flower root extract (BFE), Japanese apricot extract (JAE) and grape extract (GE). In addition, their effect on beef jerky quality characteristics was investigated when the extracts were used as alternatives to potassium sorbate (PS) and vitamin E (VE). BFE had higher (p < 0.05) total flavonoid content (TFC) (6.85 mg CAT eq/g), total polyphenol content (TPC) (10.52 mg RUT eq/g), 1,1-diphenyl-2-picrylhydrazyl (DPPH) radical (62.96%), and 2,2′-azino-bis (3-ethylbenzthiazoline-6-sulphonic acid) (ABTS) radical scavenging activity (87.60%) compared to other extracts. Although all extracts showed lower activity than BHT in all antioxidant activity tests, the BFE and JAE showed higher (p < 0.05) activity than the GE in the DPPH and FRAP assays. In contrast, in the ABTS assay, both BFE and GE showed increased activity (p < 0.05) compared to JAE. The jerky was prepared by adding 0.05% (v/v) each of BFE, JAE and GE. Furthermore, a control sample of jerky was also prepared by adding 0.10% (w/v) PS and 0.05% VE, respectively. On day 30, the redness (a*) values of the BFE and PS samples were also found to be significantly higher than those of the other samples (p < 0.05). Additionally, the yellowness (b*) values of the BFE sample were also found to be significantly higher than those of the other samples (p < 0.05). The thiobarbituric acid reactive substances (TBARSs) on day 30 were lower in the jerky treated with PS, VE, and GE compared to those treated with BFE and JAE (p < 0.05). In the sensory analysis, beef jerky with BFE had significantly higher overall acceptability scores on days 1 and 30 (p < 0.05). The addition of BFE to beef jerky influenced the increase in a* and b* values on day 30. The addition of GE effectively suppressed lipid oxidation to a level comparable to that of the PS and VE at day 30. Furthermore, the addition of BFE enhanced the overall acceptability of sensory characteristics.