Objectives: In this study, Musa paradisiaca rhizome was investigated for its anti-malarial, and antioxidant activities in addition to the phytochemical analysis. This investigation is motivated by the need for new antimalarial agents and the potential utilization of banana plant bio-waste.  Methods: M. paradisiaca rhizomes were collected, authenticated, and stored following established guidelines. After being air-dried and powdered, the rhizomes were extracted with 70% methanol, then fractionated, and compounds were isolated and purified using silica gel column chromatography, preparative TLC, and repeated crystallization. An in-vitro antimalarial assay was conducted using the pLDH assay protocol against P. falciparum D6 and W2 strains. The antioxidant activity was evaluated using the ABTS·+ radical cation decolorization assay, with IC₅₀ values compared to L-ascorbic acid. Total phenolic content was determined using the Folin-Ciocalteu method, with gallic acid as the standard. Results: Seven compounds were isolated from the rhizome, based on spectral data (NMR and MS), they were identified as 31-norcyclolaudenone (1), a mixture of β-sitosterol and stigmasterol (2), 31-norcyclolaudenol with its regio-isomer (3), β-sitosterol glucoside (4), indole-3-carboxaldehyde (5), methyl 3,4-dihydroxybenzoate (6), and adenosine (7). This is the first report to indicate the isolation of compounds 5, 6 and 7 from the family Musaceae. The petroleum ether extract exhibited significant inhibition of P. falciparum growth, with IC₅₀ values of 18725.9 ng/mL and 15244.5 ng/mL for strains D6 and W2, respectively, along with high selectivity indices towards the parasite (>2.5 for D6 and >3.1 for W2). The ethyl acetate extract showed moderate antioxidant activity with an IC₅₀ value of 48.25 ± 0.23 µg/mL in the ABTS assay. The total phenolic content was moderate, measured at 104.9767 mg/g (GAE). Conclusion: M. paradisiaca rhizomes are a promising source of bioactive compounds with significant antimalarial and antioxidant activities. These findings support the potential therapeutic applications of banana plant extracts and underscore the value of natural products in drug discovery.