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Centella asiatica (Family: Apiceae) commonly known as mandukparni is a medicinally important herb. Almost all the parts of this plant are used in traditional medicinal system. It is one of the most important medicinal herb described by Charaka as antiaging plant. It is also called as “Brain food”. Hence this plant was choosen for present study. Various plant parts were extracted using solvents and it was analyzed. Phytochemical analysis of the methanolic extract revealed the presence of Reducing Sugar, Alkaloids, Flavanoids, Phenols, Saponins, Tannins, Anthraquinone, Steroids, Terpinoids and Cardiac glycosides. Thin Layer Chromatography (TLC) was performed using different solvent system for different molecules. Qualitative analysis by TLC for phenolic compounds revealed one band corresponding to Rf of 0.83 which is similar to that of standard gallic acid and for antioxidants one band was observed of Rf 0.63 which was similar to that of standard Vit. C. High Performance Liquid Chromatography (HPLC) fingerprinting for phenols in methanolic extract revealed 3 peaks of which one was similar to standard Gallic acid where as in hexane extract, 9 peaks was observed. Quantitative estimation of total phenol content was 500mg GAE (Gallic Acid Equivalents)/1 g of sample. Free radical scavenging activity as determined using 2, 2-Diphenyl-1-picryl-hydrazyl radical (DPPH) indicated IC50 of sample to be 0.55 mg/ml as compared to 0.7 mg/ml for standard Vit. C. This indicates that plant has high antioxidant properties and hence it has huge potential to be used in treatment of various ailments.