The phytochemical investigation of the aqueous methanolic extract of the aerial parts of Dioscorea preussii, yielded a new chalcone preussiate (1) along with ten other compounds including xanthomicrol (2), cholestan-3-one (3), arjunolic acid (4), tormentic acid (5), ursolic acid (6), betulin (7), lupeol (8), p-hydroxybenzoic acid (9), isovanillin (10) and vanillic acid (11). Their structures were established by spectroscopic techniques including 2D NMR spectroscopy. All the isolates were screened for their antioxidant and urease inhibitory properties. The compounds 1,8 and 11 displayed the most potent urease inhibitory properties with IC50 values, 22.4, 33.3 and 35.7 µM, respectively while 3 was moderately active. The compound 11 showed potent antioxidant activity among all the tested isolates with an IC50 value of 45.3 µM.