Phytochemical investigation of the Aerial parts of Asteriscus pygmaeus ethanolic extract gave rise to isolation of a new compound: 6-Hydroxykaempferol 6-methylether (eupafolin) -4' glucopyranoside (1) together with eight known metabolites; patuletin 7-glucoside (2), chrysoeriol 7- O- glucoside (3), 6-Hydroxy kaempferol (4), 6-Hydroxy kaempferol 6-methyl ether (eupafolin) (5), 6,4` dimethoxy luteolin (6), patuletin (7), chrysoeriol (8) and luteolin (9). Their structures were established by chromatographic methods, chemical degradation and various spectroscopic data; compared with previously known analogues. Antioxidant activity of ethanolic extract was investigated using DPPH (2,2-diphenyl-1-picrylhydrazyl) as stable radicals method indicated a high radical scavenging activity for it. The results for antimicrobial study for extract against bacteria and fungi showed that it exhibited broad spectrum of antimicrobial activity against gram positive bacteria, gram negative bacterial and fungal cultures.