Antioxidants have attracted immense interest of researchers because of their implied role in the protection of biological system. Antioxidants are produced in body and can be sequestered from fruits, vegetables or other natural sources. Phytochemicals such as polyphenols and carotenoids are gaining importance because of their contribution to human health and their multiple biological effects such as antioxidant, antimutagenic, anticarcinogenic, and cytoprotective activities and their therapeutic properties. Banana peel is a major by-product in pulp industry and it contains various bioactive compounds like polyphenols, carotenoids, and others. The present study was undertaken to observe the free radical scavenging property and antioxidant potential in-vivo of two different parts of banana. Results of the study revealed free radical scavenging activity of alcoholic extract of banana as marked by significant decline in levels of lipid peroxidation (LPO). Present study indicates promising antioxidant potentials of alcoholic extracts of banana as manifested by elevation of reduced glutathione (GSH) content. The findings of present investigation suggest that the unripe banana extracts had higher antioxidant potency than ripe one.