Lotus seed epicarp, a byproduct of lotus seed production process, is usually discarded as a waste. In this study, antioxidant and anti--amylase activities of freeze-dried water and various methanol extracts of lotus seed epicarp were evaluated. The extract obtained by 80% methanol exhibited the strongest DPPH and ABTS radical scavenging activity and ferric reducing power, as well as the greatest inhibitory potential on -amylase. The excellent antioxidant and -amylase inhibitory activities of 80% methanol extract might be attributed to its highest concentrations of total phenolics, flavonoids, and condensed tannins. The inhibition kinetic analysis revealed that the 80% methanol extract was a reversible and uncompetitive-type inhibitor of -amylase. Furthermore, based on MALDI-TOF-MS and thiolysis-HPLC-ESI-MS, the main active components present in 80% methanol extract were identified to be B-type heteropolymeric condensed tannins built up of mixtures of propelargonidins, procyanidins, and prodelphinidins, with the predominance of procyanidins and epicatechin as the main constitutive units. The results obtained suggested that lotus seed epicarp could be exploited as a potential source of natural antioxidants and -amylase inhibitors.