The development of pollen-free Lilium varieties can reduce the potential for allergies and increase the ornamental value as cut flowers. Moreover, lilies are not only ornamental but also edible, making them versatile in application. In this study, we developed a pollen-free Asiatic lily variety ‘Red Velvet’ with antioxidant activity. The crossbreeding was conducted in 2003 using the blackish-red ‘A3-22’ lineage and the orange and yellow bicolor ‘Cancun’. From the seeds produced, the pollen-free and color-excellent ‘A05-70’ was selected in 2005, and through growth and flowering characteristic tests, ‘Red Velvet (‘WonKyo C1-123’)’ was developed by 2015. Compared to the control ‘Brunello’, ‘Red Velvet’ exhibits superior horticultural characteristics, including taller plant height and excellent coloration in red and orange hues. Analyses of active components (total phenols and total flavonoids) and chemical antioxidant activity (DPPH and ABTS⁺ free radical scavenging) showed higher contents and antioxidant activity than the control, highlighting the potential for an expanded use of this new variety. The pollen-free ‘Red Velvet’ variety is expected to solve the problem of pollen issues and, through antioxidant activity research, expand the floriculture market and applications as a functional ingredient (Registration No. 6516).