The bearberry Arctostaphylos uva-ursi (L.) Spreng. has a long history of ethnopharmacological use. This species has been used in folk medicine for centuries as a rich source of raw material abundant in secondary metabolites and is important for medicinal and pharmacological purposes. The plant is a source of herbal material—Uvae ursi folium, which is highly valued and sought by pharmaceutical and cosmetic industries. The studied bearberry leaves can be classified as a suitable herbal material for use in pharmacy; therefore, the investigated populations can be a potentially valuable source of plant material for cultivation and can be used in in vitro cultures and in biotechnological processes. The objective of this study was to characterize the variability of the phytochemical composition and antioxidant activity of water and ethanol bearberry extracts from raw material collected from different natural populations. In each of the twelve A. uva-ursi sites, three leaf samples were collected and analyzed. The water extracts from bearberry leaves were characterized by similar concentration of arbutin (77.64–105.56 mg g−1) and a significantly higher concentration of hydroquinone (6.96–13.08 mg g−1) and corilagin (0.83–2.12 mg g−1) in comparison with the ethanol extracts −77.21–103.38 mg g−1, 10.55–16.72 mg g−1, 0.20–1.54 mg g−1, respectively. The concentration of other metabolites in the water extracts was significantly lower in comparison with the ethanol extracts. In the case of the water extracts, a significant effect of not only total phenolic compounds, but also hydroquinone on the antioxidant parameters, was observed, which indicates the solvent-related activity of these metabolites. Therefore, it is suggested that special attention should be paid to the concentration of not only arbutin, but also hydroquinone in Uvae ursi folium. The latter metabolite serving a very important function as an active bearberry ingredient should be controlled not only in alcoholic extracts but also in water extracts, since bearberry leaves are applied as infusions and decoctions. The results presented in this paper can contribute to appropriate selection of plant material for pharmaceutical, cosmetic, and food industries, with special emphasis on the antioxidant activity of different types of extracts