Anchote is an indigenous tuberous crop that is commonly produced by Oromo nation in western and southwestern Oromia region in Ethiopia. It has nutritional, medicinal, economic and social importance. In the present study, attention is given to the medicinal values of Anchote since it is used culturally by the Oromo people for the treatment of many ailments like cancer, malaria, tuberculosis, gonorrhea and diabetes. The purpose of the present study is to test the presence of phytochemical compounds and evaluate the antioxidant potential of Anchote tuber. The samples were collected and extracted using water, methanol and diethyl ether sequentially and their phytochemical screening showed the presence of bioactive compounds such as reducing sugar, terpenoids, alkaloids, stereoids, tannins, saponins, phlobatannins and coumarins. All the extracts of Anchote showed maximum activities at the highest concentrations which might be due to the presence of phenols responsible for the radical scavenging activities observed. There is a significant correlation between the presence and the antioxidant activity at the half maximal inhibitory concentration (IC50) values on DPPH˙ (P < 0.05).The medicinal value of Anchote may attribute to the presence of various polyphenols and the synergistic mixture of them. In conclusion, the presence of bioactive compounds in anchote tuber can be the evidence for its use for medicinal purposes. Therefore, its production in large scale, promotion and further study to isolate the potential antioxidant compounds are recommended to exploit its dual advantages (food and medicinal values).