Wine samples from seven mango cultivars were prepared and major carotenoids compounds were investigated by high-performance liquid chromatography (HPLC) in order to follow carotenoid content from puree to wine during wine fermentation. Carotenoids were identified and quantified in puree and wine. Results showed that the percentage decrease in xanthophylls levels in wine were in the range of 69.3–89.7%, and >80% degradation was noted in Banginapalli, Neelam, Sindhura and Totapuri and 15.3–26.5% for β-carotene. However, significant degradation of β-carotene was observed in only Totapuri wine, indicating that lutein was more sensitive to degradation than β-carotene during fermentation. Antioxidant activity of mango wine was evaluated using in vitro models. The highest radical-scavenging activity was shown by Alphonso (91), Sindhura (90) and Banginapalli (88%), respectively, whereas Alphonso (71), Banginapalli (69) and Sindhura (68.5%) had shown higher inhibitory effect on low-density lipoprotein oxidation. The Hunter color values of the mango wines were also evaluated and the results are presented.