Citrus fruits have a thick outer coat which is often discarded due to its low economic value and usually contributes to the waste. So this work focused on exploring the potential pharmacological properties of the discarded citrus peels. In the present study, we extracted the essential oil from peel wastes of Citrus reticulata Blanco (CREO) from the local market. The antioxidant, antibacterial, and anticancer properties of essential oil were evaluated. The CREO exhibited a strong antioxidant property with DPPH radical scavenging, ABTS radical scavenging, H2O2 radical scavenging, Ferric reducing antioxidant power and for Lipid peroxidation inhibition respectively. Antibacterial properties of CREO was indicated against different pathogenic microbial strains like E. coli, P. aeruginosa, S. aureus, and S. enterica in terms of disc diffusion method and minimum inhibitory concentration (MIC). Further, anticancer properties studied on breast cancer cell lines MCF7 and MDA‐MB‐231 showed dose‐dependent cytotoxicity with IC50 of 56.67± 3.12 µg/mL and 76.44± 2.53 µg/mL respectively. The GC‐MS analysis of CREO revealed the presence of major compounds like S‐limonene, α‐pinene, α‐myrcene, and cis‐terpinene which might have played a significant role in strong antioxidant, antibacterial and anticancer properties. The study thus identified the potential health benefits of Citrus reticulata peel waste.