Polygoantum cyrtonema Hua is widely used as food and medicine. It is usually processed before being edible due to the irritability and numb feeling. huangjiu and honey are used to process Polygoantum cyrtonema Hua in this study. The changes in appearance, function components and the comparison of specific ingredients of Polygoantum cyrtonema Hua processed with huangjiu and honey were explored. The results showed that the Polygoantum cyrtonema Hua became dark from bright yellow with the increase in processing time. The polysaccharide content was decreased from 7.42 ± 0.11 g/100g to 3.12 ± 0.19 g/100g (huangjiu-steaming processed, p < 0.05) and 4.41 ± 0.11 g/100g (honey-steaming processed, p < 0.05), while the contents of saponins, phenolic and flavonoids were increased. Besides, the in vitro antioxidant activities of Polygoantum cyrtonema Hua showed a similar change trend with the change of phenolic and flavonoid contents. In the meantime, UPLC-Q-Exactive MS/MS was used to identify the non-volatile ingredients of raw Polygoantum cyrtonema Hua (S), huangjiu-steaming processed Polygoantum cyrtonema Hua (J16), and honey-steaming processed Polygoantum cyrtonema Hua (M20), identifying 138, 74 and 53 substances, respectively.