Herbal tea has numerous biological activities and exhibits broad benefits for human health. In China, the flower buds of Lyonia ovalifolia are traditionally processed as herbal tea, namely White Que Zui tea (WQT). This study was aimed to evaluate the effect of ultra-high hydrostatic pressure (UHHP) pretreatment on the chemical constituents and biological activities of free, esterified, and insoluble-bound phenolic fractions from WQT. A total of 327 chemical constituents were identified by a quasi-targeted metabolomics analysis. UHHP pretreatment extremely inhibited reactive oxygen species (ROS) production and cell apoptosis in H2O2-induced HepG2 cells, and it increased the activities of intracellular antioxidant enzymes (SOD and CAT) and GSH content in different phenolic fractions from WQT. In addition, after UHHP pretreatment, the anti-inflammatory effects of different phenolic fractions from WQT were improved by inhibiting the production of nitric oxide (NO) and pro-inflammatory cytokines (TNF-α, IL-6, and IL-1β) in LPS-induced RAW264.7 cells. Thus, the UHHP method might be a potential pretreatment strategy for improving the bioavailability of phytochemicals from natural plants.