Medicinal plants are a rich source of bioactive phytochemicals or bionutrients. Studies carried out during the past few decades have shown that these phytochemicals play an important role in preventing metabolic diseases such as cancer and diabetes. The present study was dedicated to the analysis of mineral and chemical composition and evaluation of antidiabetic, antioxidant, and antibacterial properties of aqueous and organic extracts of Leopoldia comosa, a plant with a long history of therapeutic and food use. Mineral content was determined using inductively coupled plasma atomic emission spectroscopy. Chemical composition was carried out by extraction of essential oils, preparation of aqueous and organic extracts, and qualitative and quantitative analysis. The biological study consisted of the evaluation of antidiabetic activity by inhibition of three enzymes, antioxidant activity by five tests, and antibacterial activity by the disc diffusion method. The correlation between chemical composition and antidiabetic and antioxidant properties was explored by PCA. The results showed that L. comosa contains high levels of Fe, K, P, Na, Cu, Mg, and Ca with values, respectively, in the order of 33552, 1843.14, 756.36, 439.65, 303.9, 272.37, and 20.55 mg/kg. Quantitative analysis showed that the diethyl ether extract had the highest content of polyphenols (129.75 ± 0.29 µg GAE/mg E), flavonoids (988.26 ± 0.18 µg QE/mg E), and tannins (30.22 ± 0.15 µg CE/mg E). All extracts of L. comosa possess inhibitory activity of alpha-amylase, alpha-glucosidase, and beta-galactosidase enzymes, mainly the decocted and the acetone extract. The antioxidant results showed that organic extracts are more active than aqueous extracts especially diethyl ether extract which was similarly found to have an antibacterial effect on Listeria innocua and Proteus mirabilis. PCA allowed us to deduce that phenolic compounds, flavonoids, and tannins are strongly correlated with antioxidant and antidiabetic activity. L. comosa may have potential remedy in the prevention of metabolic disease.