Variance components and narrow-sense heritabilities were estimated for antioxidant activity (AA), total phenolic content (TPH), and fruit weight in red raspberry (Rubus idaeus L.) fruit from offspring of a factorial mating design. Forty-two full-sib families utilizing seven female and six male parents were evaluated in each of two years in Motueka, New Zealand. In a single year, values within individual half-sib families ranged as widely as 25.3-79.4 μg·g-1 fruit for AA, 205-597 mg/100 g fruit for TPH, and 1.06-7.69 g for fruit weight. Analyses of variance for these three variates demonstrated significant parental source variation in both individual and combined year analyses. For AA and TPH, female parental effects accounted for ≈7% to 19% of total variation, while male effects accounted for ≈6% to 8%. A partially pigment deficient R. parvifolius L. derivative female parent accounted for some of these differences. Female × male parent interaction was not significant for AA and TPH and was marginally significant for fruit weight in combined year analysis. Year had a significant effect on the overall mean AA and TPH, but contributed less than genetic effects to the overall variation in all three traits. Interactions of year with genetic effects were not statistically significant for AA or TPH, indicating that between-year rank or scale changes among families were negligible. The largest proportion of variation was found within rather than among full-sib families. However, variation among plots within full-sib families accounted for 12% to 19% of total variation, indicating environmental differences accounted for some of the observed within-family variation in AA and TPH. Antioxidant activity and TPH were highly phenotypically correlated (r = 0.93); their genetic correlation (r = 0.59) implies that substantial additive genetic factors underlie the phenotypic correlation, but that nonadditive genetic or environmental influences are also important. Both AA and TPH were weakly negatively phenotypically correlated with fruit weight (r = -0.34 and -0.33, respectively), but the corresponding genetic correlations were close to zero. Thus, selection for both high AA or TPH and high fruit weight is possible. Narrow-sense heritability estimates based on variance components from combined year data were h2 = 0.54, 0.48, and 0.77 for AA, TPH, and fruit weight, respectively. These estimates imply a rapid response to selection is possible.