Ginseng can be used as medicine and food, and has the function of immune regulation. The diversified deep-processed products of ginseng functional food are a hot research topic nowadays. Ginseng and Vidal ice-grapes are fermented at low temperatures. In this way, the polysaccharide based ginsenosides of ginseng are converted into Rg2, Rf, Rg3, Rg5, CK, etc. and the bioavailability of them are significantly improved. The ginseng ice wine has a delicate and mellow entrance, and a long aftertaste, which has the functions of relieving physical fatigue, relaxing blood vessels, and enhancing immunity. The aroma components and non-volatile components of ginseng ice wine can reflect the quality and production process of the wine. In order to study the active ingredients of ginseng ice wine, gas chromatography-triple quadrupole mass spectrometry (GC-QQQ-MS/MS) was used to pass a DB-Heavy WAX column (30 m×0.25 mm×0.25 μm) with a split ratio of 1∶20, the method of temperature programmed was used to analyze the volatile components in ginseng ice wine. Ultra performance liquid chromatography-quadrupole-orbitrap-high resolution mass spectrometry (UPLC-Q-Orbitrap-HRMS) was used to analyze the ginsenosides and polyphenols in ginseng ice wine. The polyphenols and ginsenosides in ginseng ice wine were analyzed by Sigma HPLC column C18 (5 cm×3.0 mm×2.7 μm) using acetonitrile 0.1% formic acid aqueous solution as mobile phase with the flow rate of 0.2 mL/min and gradient elution method. According to the quasi-molecular ion peak and fragment ion information provided by high-resolution mass spectrometry, the relative molecular mass and structure information of the compounds could be analyzed. Combining the retention time and related literature data, a total of 28 volatile components, 28 ginsenosides and 24 polyphenols were identified, which clarified the material basis of ginseng ice wine, and could be used for the identification and quality evaluation of ginseng ice wine. This research provides a theoretical basis for the further development of ginseng ice wine and a foundation for the development of ginseng functional food.