Reinvestigation of the Red Sea sponge Suberea mollis afforded two new bromotyrosine-derived alkaloids, subereamollines A (1) and B (2), two new brominated phenolic compounds, subereaphenols B (7) and C (9), and the known compounds aerothionin (3), homoaerothionin (4), 11,19-dideoxyfistularin-3 (5), aeroplysinin-1 (6), and aeroplysinin-2 (8). The structure determination of the isolated compounds was assigned using one- and two-dimensional NMR spectra and HRFABMS data. The antimicrobial and antioxidant activities of the isolated compounds have been evaluated. Aeroplysinin-1 displayed significant antimicrobial activity against S. aureus, P. aerugenosa, and K. pneumoniae. The isolated compounds were examined for their antioxidant activity using a 2,2-diphenyl-1-picrylhydrazyl radical (DPPH) solution-based chemical assay. Among the tested compounds, only subereaphenols B and C displayed a significant effect.