The polyphenol distribution in fresh waxy corns of different color varieties and their in vitro functional activities, which may be useful for treating various chronic diseases, were investigated. The colored varieties contained more phenols than the common varieties (white and/or yellow). The total free phenolic acid content of the six varieties was 3151.57 μg/g DW (dry weight), which was slightly higher ( p >0.05) than that of the total bound form (3028.24 μg/g DW). The total free flavonoid content was 5850.09 μg/g DW, which was higher ( p < 0.05) than that of the total bound form (4874.51μg/g DW). No bound anthocyanin was detected in the methanol extracts of the tested varieties. For all the varieties, free polyphenols contributed 86-100% and 70-78% of the 2,2-diphenyl-1-picrylhydrazyl (DPPH) and hydroxyl radical scavenging abilities, respectively, and 100% of the ferric reducing capacity. The free phenolics in fresh waxy corn showed significantly better ( p < 0.05) hypoglycemic effect than the bound form in terms of inhibition of α-amylase activity, whereas the bound phenolics of most varieties showed higher α-glucosidase inhibitory activity than the free forms. The free phenolics showed significantly better ( p < 0.05) glycocholesterol binding than the bound form for all varieties. The bound polyphenols showed better sodium cholate and taurocholate binding than the free form for most varieties. In conclusion, the difference between free and bound polyphenol content and functional activities indicates that fresh waxy corn can be potentially used for the development of functional food.