Gracilaria sp < em>. is a red macro-alga isolated from the marine environment of the Red Sea in Egypt. Unfortunately, this alga has not been well exploited yet in Egypt, thus the author preferred to highlight the economic importance of this alga. In this study, the chemical composition of the edible red seaweed Gracilaria sp.was evaluated via quantitative and qualitative tests using distilled water and two solvents (ethyl acetate and benzene) different in their polarity. The results showed that Gracilaria sp < em>. contains a protein content of 22.75 %, fat of 1.01%, carbohydrate of 37.58% on dry weight basis, as well as pigments such as phycoerythrin, phycocyanin, allophycocyanin, β-carotene and chlorophyll a with yields of 3.8± 1.3, 1.8± 0.7, 0.9± 0.6, 7.7± 1.4, 1.6± 1.5mg/ ml D.W., respectively. Moroever, polysaccharide agar had a yield of 23.93% and total phenolic compounds of 54.5mg GAE/ g extract. Tests of the chemical composition of this alga showed the availability of many chemical compounds that have great economic importance in the field of medicine, pharmaceuticals, cosmetics, and food industries as an antioxidant IC50 27 ± 1.68mg/ ml, a bactericidal and fungicidal agent and as a bio pesticide in the field of agriculture. Egypt should also benefit from polysaccharide agar from Gracilaria sp. in biotechnology laboratories as growth media for bacteria, yeast, and fungi as well as the use of Gracilaria