Phytochemical investigation of light petroleum and ethyl acetate extracts of leaves and stem of Ficus elastic Roxb, var, decora (Family Moraceae) resulted in the isolation of a new natural compound viz.1-0-caffaeovl-D- mannitol, Other separated compounds were moretenone, glutinol, moretenol, lupeol, B-sitosterol, sakuranin and kaempferol-3-0-rutinoside. The structures of these compounds were elucidated using spectroscopic and chemical evidences and by comparison with those reported in the literature. Biological screening was also carried out to reveal that the total alcoholic extract and the terpenoid fraction of the unsapnifíable matter (USM) showed significant anti-inflammatory and analgesic activities, while the total alcoholic extract showed a mild anti –diabetic activity. The anti-inflammatory activity of the terpenoidal fraction of USM was found to outweigh that of a marketed product.