Hedyosmum purpurascens is an endemic species found in the Andes of Ecuador and it is characterized by its pleasant smell. In this study, essential oil (EO) from H. purpurascens was obtained by the hydro-distillation method with a Clevenger-type apparatus. The identification of the chemical composition was carried out by GC–MS and GC–FID in two capillary columns, DB-5ms and HP-INNOWax. A total of 90 compounds were identified, representing more than 98% of the total chemical composition. Germacrene-D, ϒ-terpinene, α-phellandrene, sabinene, O-cymene, 1,8-cineole and α-pinene accounted for more than 59% of the EO composition. The enantioselective analysis of the EO revealed the occurrence of (+)-α-pinene as a pure enantiomer; in addition, four pairs of enantiomers were found (α-phellandrene, o-cymene, limonene and myrcene). The biological activity against microbiological strains and antioxidants and the anticholinesterase properties were also evaluated and the EO showed a moderate anticholinesterase and antioxidant effect, with an IC50 value of 95.62 ± 1.03 µg/mL and a SC50 value of 56.38 ± 1.96. A poor antimicrobial effect was observed for all the strains, with MIC values over 1000 µg/mL. Based on our results, the H. purpurasens EO presented remarkable antioxidant and AChE activities. Despite these promising results, further research seems essential to validate the safety of this medicinal species as a function of dose and time. Experimental studies on the mechanisms of action are essential to validate its pharmacological properties.