In situ corrosion inhibition in acid cleaning processes by using green inhibitors is at the forefront of corrosion chemistry. Plant extracts, especially alkaloids, are known to be good corrosion inhibitors against mild steel corrosion. In this research, alkaloids extracted from Acacia catechu have been used as green corrosion inhibitors for mild steel corrosion in a 1 M H2SO4 solution. Qualitative chemical tests and FTIR measurements have been performed to confirm the alkaloids in the extract. The inhibition efficiency of the extract has been studied by using weight-loss and potentiodynamic polarization methods. A weight-loss measurement has been adopted for the study of inhibitor’s concentration effect, with a variation employed to measure the inhibition efficiency for time and temperature. The weight-loss measurement revealed a maximum efficiency of 93.96% after 3 h at 28 °C for a 1000 ppm alkaloid solution. The 1000 ppm inhibitor is effective up to a temperature of 48 °C, with 84.39% efficiency. The electrochemical measurement results revealed that the alkaloids act as a mixed type of inhibitor. Inhibition efficiencies of 98.91% and 98.54% in the 1000 ppm inhibitor concentration solution for the as-immersed and immersed conditions, respectively, have been achieved. The adsorption isotherm has indicated the physical adsorption of alkaloids. Further, the spontaneous and endothermic adsorption processes have been indicated by the thermodynamic parameters. The results show that alkaloids extracted from the bark of Acacia catechu can be a promising green inhibitors for mild steel corrosion.