This study focuses on the chemical composition, and antioxidant and antimicrobial activities of Shuang-Huang-Lian (SHL) oral liquid. We identified 18 compounds using high-performance liquid chromatography analysis. The most prominent of these compounds were isochlorogenic acid B, caffeic acid, wogonoside, rutin, forsythoside B, and phillyrin. The antioxidant activity of the SHL oral liquid was examined using the DPPH clearance assay, ABTS+• assay, and a ferric reducing ability of plasma assay. Among them, the best antioxidant activity was DPPH of 0.2309, ABTS+• of 0.2540 and plasma ferric reduction capacity of 0.1229. Six pathogenic fungi were used for the antimicrobial activity of the SHL oral liquid. SHL oral liquid has the best antibacterial effect against Streptococcus haemolyticus-β, Staphylococcus aureus and Shigella serogroups.