Lily () is a high-yielding flowering plant. Besides roses and chrysanthemums, lily bulbs have long been used as food and in oriental medicine. However, the usage and value of cut lily bulbs has not been recognized. A bulb whose yield has been decreased is called a waste bulb, and a large amount of such bulbs is discarded every year. In this study, the functionality of waste bulbs from cut lilies was investigated to explore their potential use as a value-added product. We divided lily bulbs into two groups, one group with six varieties of new bulbs (Medusa, Siberia, Woori Tower, Yelloween, Le Reve, and Morning Star) used for cultivation and the other group with six varieties of waste bulbs (Medusa, Siberia, Woori Tower, Yelloween, Sorbonne, and Sheila). Physiological activities (α,α-diphenyl-β-picrylhydrazyl: DPPH) and 3-ethlbenzthiazolne-6-sulfonic acid (ABTS) radical scavenging capability and tyrosinase inhibiting activity), the amount of total as well as eight individual phenolic compounds (chlorogenic acid, epicatechin, rutin hydrate, -coumaric acid, kaempferol 3--β-rutinoside, phloridzin dihydrate, myricetin, and quercetin), and total flavonoid content were measured in the bulbs by high performance liquid chromatography. We detected high amounts of total phenol and total flavonoid as well as high DPPH and ABTS radical scavenging ability. More tyrosinase inhibiting activity was detected in the new bulbs than in the waste bulbs. However, both the new and waste bulbs showed a higher inhibitory activity than the standard (100 ppm ascorbic acid). Although the content of phenolic compounds differed among varieties, under the conditions of the experiment, the most abundant phenolics were epicatechins, followed by chlorogenic acid, and rutins. Overall, the waste bulbs had a higher content of these compounds than the new bulbs. Based on these results, we concluded that bulbs from cut lilies could be used as functional foods in the future and farmers could expect economic gain from the hitherto neglected waste bulbs.