There is an increasing demand by consumers for low-alcohol beverages with enhanced flavors and potential health benefits. This study evaluated the effects of cultivars and fermentation with Saccharomyces cerevisiae or Torulaspora delbrueckii on the chemical composition, antioxidant capacity and sensory properties of low-alcohol strawberry beverages. Compared to juice, fermentation increased the contents of ethyl esters but reduced the contents of anthocyanins (~60%) and organic acids (~50%). The cultivar was the most important factor affecting the physicochemical characteristics and antioxidant capacity of fermented beverages. Among the cultivars, the beverages from the ‘Honeoye’ presented the highest sourness, opacity, redness and color density, total anthocyanins and phenolics, and antioxidant capacity but the lowest pungent aroma and ethanol content. Without added sugar, there was no significant difference in ethanol content between fermented beverages produced by S. cerevisiae and T. delbrueckii. Compared to S. cerevisiae, fermentation involving T. delbrueckii resulted in higher contents of anthocyanins and enhanced the color and flavor of the beverages. The results indicated that strawberry cultivars should be considered to produce fermented beverages with consistent physicochemical and sensory properties, and T. delbrueckii can be an alternative yeast for producing low-alcohol beverages from strawberries.