The polyphenolic compositions of three heartnut (Juglans ailanthifolia var. cordiformis) varieties (Imshu, Campbell CW1, and Campbell CW3) were examined and compared with those of two Persian walnut (Juglans regia L.) varieties (Combe and Lake). The nuts were defatted, extracted, and separated into three different fractions, the free phenolic acid (FPA), acid-hydrolyzable phenolic acid (AHPA), and bound phenolic acid (BPA) fractions. The total phenolic contents (TPCs) in both FPA and AHPA of the Persian walnuts were significantly higher (P < 0.001) than those of the heartnuts, but not in the BPA (P = 0.20). LC-ESI-MS(n)() studies revealed that except for the FPA fraction, the major polyphenolics in both heartnut and Persian walnut were ellagic acid and valoneic acid dilactone. Persian walnuts contained an average of 0.29 and 1.31 mg of ellagic acid/g nut in the 80% methanol extractable fractions FPA and AHPA, respectively. Heartnuts contained an average of 0.16 and 0.60 mg of ellagic acid/g nut in the respective fractions. Bound ellagic acid in the residue was 0.93 and 0.70 mg/g of nut in the Persian walnut and in the heartnut, respectively. Valoneic acid dilactone was tentatively identified and quantified as milligrams of ellagic acid equivalent per gram of nut. These components were found to contribute to the strong total antioxidant activities measured using ferric reducing antioxidant power and photochemiluminescence methods.