This work aimed to investigate, for the first time, the chemical composition, antioxidant, antiparasitic, cytotoxicity, and antimicrobial activities of the aromatic plant Limonium oleifolium Mill. essential oil (EO) and organic extracts. L. oleifolium aerial parts essential oil was analyzed by GC‐FID and GC‐MS, and 46 constituents representing 98.25±1.12 % of the oil were identified. γ‐Muurolene (10.81±0.07 %), cis‐caryophyllene (7.71±0.06 %), o‐cymene (7.07±0.01 %) and α‐copaene (5.02±0.05 %) were the essential oil main compounds. The antioxidant activity of L. oleifolium EO and organic extracts (MeOH, CHCl3, AcOEt, BuOH) was explored using 2,2‐diphenyl‐1‐picrylhydrazyl (DPPH), ABTS, β‐carotene/linoleic acid, cupric reducing antioxidant capacity (CUPRAC), and ferric reducing power assays. The results showed that L. oleifolium EO exhibit antioxidant capacity (IC50=17.40±1.32 μg/mL for DPPH assay, IC50=29.82±1.08 μg/mL for β‐carotene assay, IC50=25.23±1.01 μg/mL for ABTS assay, IC50=9.11±0.08 μg/mL for CUPRAC assay and IC50=19.41±2.06 mg/mL for reducing power assay). Additionally, the EO showed significant activity against trophozoite form of Acanthamoeba castellanii (IC50=7.48±0.41 μg/mL) and promastigote form of Leishmania amazonensis (IC50=19.36±1.06 μg/mL) and low cytotoxicity on murine macrophages (LC50 90.23±1.09 μg/mL), as well as good antimicrobial activity against Staphylococcus aureus, Escherichia coli, Klebsiella oxytoca, and Pseudomonas aeruginosa. These results suggest that L. oleifolium essential oil is a valuable source of bioactive compounds presenting antioxidant, antiparasitic, and antimicrobial activities. Furthermore, it is considered nontoxic.