In this study, an in vitro nitric oxide (*NO)-generating system was used to investigate the *NO-scavenging effects of methanolic extracts of white ginseng (Panax ginseng C.A. Meyer), red ginseng, and sun ginseng and several ginsenosides and phenolic compounds. Sun ginseng extract showed the strongest activity among the three ginseng extracts. None of the ginsenosides used in this experiment showed *NO-scavenging activity, but the phenolic compounds, such as p-coumaric and vanillic acids, and maltol inhibited *NO production in a concentration-dependent manner. Moreover, maltol levels markedly increased by heat processing. Therefore, the enhanced *NO-scavenging activity of ginseng by heat processing was closely related to phenolic acids and the increased content of maltol.