The current study describes the analysis of the phytochemical composition and biological activities of various polarity extracts of the Anaphalis busua plant that was collected at an altitude of 1654 m in the Himalayan terrain of Uttarakhand, India. The extracts were prepared by the cold percolation method, which was then subjected to GC-MS for phytochemical analysis. A total of 31 compounds were identified that constituted 94.95% of the total methanolic extract. Mome inositol (31.03%) was identified as the main compound in the methanolic extract. Twenty-two compounds that comprise 68.24% of the total hexane extract were identified. Tetracontane (19.33%) was present in a significant proportion. The methanolic extract demonstrated potent antioxidant activity in terms of DPPH radical scavenging and metal chelating activity that have IC50 values of 81.71±1.334 and 11.26±0.005 µg/mL, respectively, compared to standards ascorbic acid and EDTA that have IC50 values at 12.71±0.02 and 11.36±0.06 µg/mL, respectively. The methanolic extract showed potent anti-inflammatory activity with an IC50 value of 24.10±0.09 µg/mL in comparison to standard diclofenac potassium with an IC50 value of 18.95±0.03 µg/mL. In vitro studies reveal that A. busua has a strong therapeutic potential and, if further explored, may prove to be a powerful antioxidant, anti-inflammatory, and cost-effective agent compared to synthetically derived agents from pharmaceutical industries.