The present study investigates the chemical constituents and antioxidant potential of essential oils extracted from Ficus elastica. The essential oils were obtained through steam distillation and were subjected to gas chromatography-mass spectrometry (GC-MS) analysis to determine their constituents representing 100% of the total peak areas. The analysis revealed the presence of 34 compounds. Among these compounds, Caryophyllene was found to be the major constituent, accounting for 50.57% of the total percentage area. Among other identified major compounds include γ-Muurolene (8.19%), camphene (5.69%), Heptacosane (2.61%), and Heneicosane (2.60%). Furthermore, the antioxidant potential of Ficus elastica essential oil was evaluated using 2,2-diphenyl-1-picrylhydrazyl (DPPH) and hydrogen peroxide radical scavenging methods. The results indicated that F. elastica’s essential oil exhibited significant radical scavenging activity when compared to the standard antioxidant, Ascorbic acid. For the highest concentration tested (10 μL/mL), the DPPH scavenging inhibition percentage was 45.26% for F. elastica and 90.40% for Ascorbic acid. Similarly, the hydrogen peroxide scavenging activity at 10 μL/mL was found to be 74.90% for F. elastica and 90.12% for Ascorbic acid. Additionally, the essential oils demonstrated high radical scavenging and chelating activity. The quantitative DPPH and hydrogen peroxide assays indicate the potent antioxidant activity of F. elastica essential oil, making it a promising candidate for further biological and chemical analysis. The isolation of therapeutically active compounds from these essential oils can be pursued, considering their potential role in the management and treatment of various diseases.