Black raspberry (Rubus occidentalis L., Rosaceae) is an important source of polyphenolic compounds, particularly anthocyanins and ellagitannins, which are associated with significant pharmacological activities. Due to its nutritional and therapeutic potential, this species is cultivated in many temperate regions worldwide, including Serbia. This study aimed to conduct a comparative analysis of the chemical composition and in vitro pharmacological activities of lyophilized infusion and decoction of black raspberry fruit. Spectrophotometric analyses revealed differences in the content of total phenolics (56.49 and 60.81 mg GAE/g), tannins (9.90 and 15.26 mg GAE/g), and anthocyanins (24.29 and 4.81 mg CGE/g) for infusion and decoction, respectively. HPLC analysis revealed anthocyanins (cyanidin-3-sambubioside, cyanidin-3-glucoside, and cyanidin-3-rutinoside) as the predominant polyphenolic compounds, along with phenol carboxylic acids (protocatechuic acid and ellagic acid), flavanol (catechin), and flavonols (rutin and isoquercitrin). Regarding pharmacological activities, black raspberry fruit teas showed pronounced antioxidant activity, confirmed by DPPH (IC50: 98.62 and 95.74 μg/mL), ABTS (IC50: 25.00 and 31.74 μg/mL), and FRAP (1.25 and 1.05 mmol Fe²⁺/g) assays for infusion and decoction, respectively. Significant inhibitory effects were also observed against α-amylase (IC50: 2.17 and 1.89 mg/mL), α-glucosidase (IC50: 57.77 and 31.53 μg/mL), and pancreatic lipase (IC50: 1.64 and 1.46 mg/mL). These findings suggest that black raspberry fruit teas are a valuable source of polyphenolic compounds with promising antioxidant, hypoglycemic, and hypolipidemic properties, supporting their potential application as functional beverages and natural therapeutic agents.