The morphological, nutritional, and functional characteristics of cultivated mountain ginseng (Panax ginseng C.A. Meyer, CMG) with different ages (3, 5, 7, and 9 years old) were investigated. Three-year-old CMG (3-CMG) was significantly smaller, shorter, and lighter than 5-CMG while there is no significant difference in length, thickness, and weight among 5-, 7-, and 9-CMGs. On the other hand, functional properties of CMG highly varied with the cultivation age. Moisture content of CMGs with different ages decreased with age except for 9-CMG whereas crude fat and protein contents increased with age. DPPH and ABTS radical scavenging activities were highest in 9-CMG (82.4 μg GAE/g and 723.6 μg AAE/g, respectively) while reducing poser was highest in 3-CMG (411.7 GAE/g). Xanthine oxidase inhibition activity of 9-CMG (17.24 μg AAE/g) was 1.5 times higher than that of 3-CMG. Acidic polysaccharide content was highest in 7-CMG (3,298 mg GAAE/g) but lowest in 3-CMG. Total polyphenol and flavonoid contents were highest in 5- and 7-CMG, respectively, and decreased with the cultivation period. Total ginsenoside content of CMG increased with the cultivation period. Rb1 and Re were predominant ginsenosides for all CMGs, accounting for about 50% of total ginsenoside content. Rb1 of 9-CMG was about four times higher than that of 3-CMG. Compound K was found in all CMGs, but it took less than 0.1% of total ginsenoside content.