The present research aimed to evaluate and compare the antioxidant activity in both pulp and peel and the physicochemical contents in the pulp of four local varieties of banana, i.e. Musa acuminata species named Sagor, Champa, Shail and Bichi, available in Sylhet region of Bangladesh. The antioxidant activity from a methanolic extract of banana peels and pulps was evaluated by determination of total phenolic content and DPPH scavenging activity. The physicochemical contents of banana pulp such as protein, fat, moisture, ash and carbohydrate were also determined. The results showed that the overall antioxidant activity of banana peel was higher than the pulp of banana. The pulp of the Shail variety had the highest antioxidant activity (TPC = 80.14 mg GAE/100 g, DPPH radical scavenging activity =91.37%) among the four varieties. Fat (1.38%) and moisture (76.23%) contents were higher in the pulp of Shail, while protein (1.82%) and carbohydrate (22.71%) contents were higher in the pulp of Bichi. The Champa variety contained higher ash content (1.05%). Among the jellies prepared from those banana varieties, the jelly of the Shail variety showed the highest score for overall acceptance (6.8) whilst the jelly prepared from the Bichi variety showed the highest score for taste (7.75). This may be due to higher carbohydrate content. The study suggests that banana peel could be used in the food industry as a raw material to produce bakery products and in cosmetics and pharmaceutical industries as an antioxidant supplement.