In this study, synthesis of new N-phenoyl phosphatidylethanolamine derivatives was carried out by the modification of natural egg phosphatidylethanolamine (PE) with various phenolic acids. All synthesized products were characterized by NMR, FT-IR and ESI-MS spectral analysis and were evaluated for their preliminary in vitro antioxidant and cytotoxic activities. Among the active derivatives, compounds N-4-hydroxy-3-methoxy cinnamoyl PE, N-4-hydroxy-3,5-dimethoxy cinnamoyl PE and N-(3,4)-di hydroxy cinnamoyl PE were exhibited excellent radical scavenging activity with EC 50 values of 9.7, 1.5 and 2.7 µg/mL, respectively which were lower than the standard BHT and α-tocopherols. The synthesized compounds exhibited moderate to very good anticancer activity against four cancer cell lines such as HeLa, B16-F10, SKOV3 and MCF-7 using doxorubicin as a positive control. All the synthesized derivatives may have potential applications in food emulsions and the presence of phenolics has to be examined for additional antioxidant and biological activities.