The present study aims at evaluation and characterization of phytoconstituents of medicinally important plant Centella asiatia and screening for antimicrobial and antioxidant activities of the plant extracts. Methanolic extract of the whole plant was analysed for various phytoconstituents. Preliminary phytochemical screening and quantitative analysis of alkaloids, phenols, tannins, flavonoids, terpenoids and saponins was carried out. Antibacterial activity of the extract was tested by agar-well and disc diffusion method against pathogenic bacterial strains such as Escherichia coli, Pseudomonas aeruginosa, Zymomonas mobilis, Micrococcus luteus, Staphylococcus aureus, Bacillus Subtilis and Bacillus cereus. Antifungal activity was tested against fungal strains like Aspergillus niger, Aspergillus sydouri and Trichoderma reesei by fungal disc method. Antioxidant potential was determined by ABTS(center dot+) [2,2 '-azinobis(3-ethyl-benzothiazoline-6-sulfonate)] and DPPH (2,2-diphenyl-1-picrylhydrazyl) radical scavenging assay. Structural elucidation of the extract was carried out by (FTIR) analysis. The methanolic extract of Centella asiatia constituted of alkaloids (15.66 mu g/mg extract), flavonoids (13.2 mu g/mg extract), phenols (43.7 mu g/mg extract), tannins (30.09 mu g/mg extract), Terpenoids (3.08 mu g/mg extract) and saponnins (52.1 mu g/mg extract). Extract were found to be rich in phenolic compounds. Centella asiatia exhibited antimicrobial activities and showed highest zone of inhibition for Pseudomonas aeruginosa (15 mm) and Micrococcus luteus (15 mm) as well as ABTS and DPPH radical scavenging activity of 31.76% and 27.33% which is greater than the standards ascorbic acid and butylated hydroxytoluene (BHT) antioxidant activities. FTIR results revealed the presence of carboxylic, hydroxyl, aromatic rings, alkyl and amine groups. The present study reveals that the potential phytochemicals can prove to be an alternative source of medicine and could be boon for the treatment of human health problems.