Two parts (arils and peel) of “Gấc” fruit (Momordica cochinchinensis Spreng) were analyzed for their physicochemical properties from the stage when the fruit reached maturity to the next ripening stages. Understanding these characteristics can help identify maturity indicators and use them most effectively. Research results show that “Gấc” fruit reaches maturity at the 7th week (A1) after fruit set (WAFS). At this time, the diameter and weight of the fruit no longer increase. Subsequent changes represent a gradual color change from completely blue (A1) to completely red (A5) and dark red (A6), through three intermediate stages (from A2 to A4). “Gấc” peel synthesizes the highest lycopene content (131.72 µg/g) at stage A5 (11 WAFS) and the highest β-carotene content at both stages A4 and A5 (10 and 11 WAFS) compared to fruit at stage A1 (7 WAFS). Meanwhile, lycopene and β-carotene in arils reached the highest concentrations (1672.04±9.1 μg/g and 582.45±3.4 μg/g, respectively) at stage A5 (11 WAFS). The total polyphenol content (TPC) in “Gấc” fruit arils/peel and total chlorophyll in “Gấc” fruit peel gradually decrease through the ripening stages, the highest value was achieved when the fruit was mature (A1) and the lowest value in fully ripened fruit (A5). Although showing a decrease, “Gấc” fruit still maintained TPC content in arils and peels of 89% and 73%, respectively (stages A4 and A5). The antioxidant activity of both “Gấc” fruit arils and peel also showed similar activity. In addition, “Gấc” arils also contain the highest vitamin C content in the fully ripe fruit stage compared to other stages. Thus, harvesting “Gấc” fruit at stages A4 and A5 will have beneficial ingredients (lycopene, β-carotene, total polyphenol content and vitamin C) that are good for human health.