The pomegranate, botanical name Punica granatum, L. is a fruit-bearing deciduous shrub or small tree in the family Lythraceae that grows between 5 and 8 m (16 and 26 ft) tall. Pomegranate is rich in Vitamin C and act as effective detoxifying agent and various forms of pomegranate is being used to combat cough, sore throat, dental problems and heart diseases. The aim of the present study is to screen the phytochemical components of pomegranate peel extracts and also to investigate the free radical scavenging activity. The results showed that the total phenolics, flavonoids and polysaccharides were found to be more in methanolic than aqueous extract. DPPH scavenging activity of methanolic extract of pomegranate peel was found to be maximum (91.9%) than aqueous extract (69.46%). Hydrogen peroxide scavenging activity of methanolic extract was 28.32% whereas 20.29% was observed in aqueous extract. Among both extracts, methanolic extract was found to be most effective in scavenging free radicals and also found to be good antioxidant and therefore play an important role to protect damages caused by oxidative stress.