Spirulina platensis (S. platensis) is a high-nutrient blue-green algae that has been used as a food supplement for a long time. It contains carbohydrates, lipids, proteins, vitamins, minerals, and bioactive compounds essential for basic human nutrition. It is known to have anti-cancer, antioxidant, anti-inflammatory, neuroprotective, hepatoprotective, and hypocholesterolemic properties due to the bioactive compounds it contains. In this study, the effects of freeze-thawing, a rapid freezing (-20°C) and thawing (4°C) process, and ultrasonically assisted extraction techniques on the color, antioxidant capacity, total phenolic content, and phenolic composition of Spirulina platensis extracts were investigated. The antioxidant capacity of the extracts obtained was determined by two different methods, DPPH (2,2-diphenyl-1-picryl hydrazyl) and ABTS (2,2-azinobis (3-ethylbenzothiazollin-6-sulfonic acid)). The sugar profile was determined by HPLC-RID and phenolic composition was determined by HPLC-ESI-DAD-MS/MS. The antioxidant activity and total phenolic content of samples prepared by the freeze-thawing were higher than those prepared by ultrasonic-assisted conventional extraction technique. In addition to ferulic acid 4-O-glucuronide and brevifolin carboxylate, an isocoumarin derivative, as the dominant phenolic compound in S. platensis extracts, a total of 10 phenolic compounds including catechin isomer, resveratrol C-hexoside, myricetin, ferulic acid, gallic acid, phloroglucinol, and lutein were detected. Glucose was the predominant sugar in both samples. The total sugar content was higher in the freeze-thawed samples (217.92 mg/100 g DW) than in the ultrasonic-assisted conventional extraction technique (182.91 mg/100 g DW). S. platensis has a significant amount of antioxidants, valuable secondary metabolites, and potential commercial applications and medicinal properties, but releasing these compounds is difficult due to the cell wall. This study was carried out to determine how different extraction techniques alter the release of bioactive compounds.