World Health Organization recommends a reduction in calorie intake by an individual. The antioxidant activity and low calorie profile of stevia leaves assists the people to move towards a state of finest health. The foremost antioxidants are known to get impacted by the method of drying. Drying significantly affects the thermal stability and volatile contents of stevia leaves. This prompted us for the development of a lyophilization method which may yield the stevia leaves extract having profound antioxidant activity. Stevia rebaudiana leaves were subjected to aqueous extraction by percolation method to yield to dark brown extract. The extract was divided into two fractions and subjected to drying via lyophilization and evaporation respectively. The dried extracts were analysed for chemical constituents and in-vitro antioxidant activity. Total phenolics content in the lyophilized fraction exhibited phenolics content (mg gallic acid equivalent per gram weight of dry extract) 10.09 as compared to that obtained by conventional evaporation (06.26). Total flavonoids content in the lyophilized fraction and conventionally dried fraction were 11.59 and 08.26 respectively as mg quercetin per gram weight of dry extract. The 2,2-diphenyl-1-picrylhydrazyl inhibition assays (IC50, µg/mL) were executed using ascorbic acid (15.48) as reference. Lyophilized and conventional extracts exhibited IC50 of 26.48 and 36.21 respectively. Thus lyophilization of the aqueous Stevia rebaudiana leaves results in higher phenolic and flavonoid contents and superior DPPH inhibition. Consequently, utilization of lyophilized extract may be valuablefor development of nutraceuticals.