Corn tassel is a valuable co-product and an excellent source of phytochemicals with bioactive properties. The information on the genetic diversity in the tassel properties of waxy corn germplasm is important for creating new varieties that can have the potential for the commercial production of tassels as a co-product. Therefore, the objective of this study was to evaluate the potential of corn tassels in a set of waxy corn germplasm for the extraction of phenolic compounds with an antioxidant activity. The experiment was carried out under field conditions in the rainy season 2017 and the dry season 2017/2018. Fifty waxy corn genotypes were evaluated. Data were collected for the total anthocyanin content (TAC), total phenolic content (TPC) and the antioxidant activity was determined by the 2,2-diphenyl−1-picrylhydrazyl (DPPH) radical scavenging activity and Trolox equivalent antioxidant capacity (TEAC) assays. The season (S) had small effect on all of the parameters, accounting for 0.2–8.7% of the total variance. The genotype (G) was the largest variance component in the TAC and DPPH radical scavenging activity, accounting for 83.5–97.5% of the total variance. The G and S × G interaction contributed approximately equally to the total variance in the TPC and TEAC. Based on the TAC, TPC and antioxidant capacity variation, the genotypes were classified into seven groups. The tassels of corn genotypes belonging to three of these clusters (clusters E, F and G) had high levels of phytochemicals along with an antioxidant capacity. A significant correlation coefficient was found between the TAC and DPPH (r = 0.70 **). The TPC showed a moderate relationship with the DPPH and TEAC assays (r = 0.60 ** and 0.76 **, respectively). The information obtained from this study can be used for germplasm management and waxy corn breeding for enhancing levels of bioactive properties in waxy corn tassels.