The objective of the present study is to determine the antioxidant and anticancer activities of Nostoc linckia extracts cultivated under heavy metal stress conditions (0.44, 0.88, and 1.76 mg/L for zinc and 0.158, 0.316, 0.632 mg/L for copper). Phycobiliprotein, phenolic compounds, flavonoids, and tannins were measured. Active ingredients of extracts were evaluated by GC-mass spectroscopy. The obtained results revealed that higher zinc and copper concentrations showed growth inhibition while 0.22 mg/L (Zn) and 0.079 mg/L (Cu) enhanced growth, reaching its maximum on the 25th day. Increases in catalase, lipids peroxidation, and antioxidants, as well as tannins and flavonoids, have been induced by integration of 0.88 mg/L (Zn) and 0.316 mg/L (Cu). Elevation of Zn concentration induced augmentation of antioxidant activity of crude extract (DPPH or ABTS), with superior activity at 0.44 mg/L zinc concentration (81.22%). The anticancer activity of Nostoc linckia extract (0.44 mg/L Zn) tested against four cancer cell lines: A549, Hela, HCT 116, and MCF-7. The extract at 500 µg/mL appeared the lowest cell viability of tested cell lines. The promising extract (0.44 mg/L Zn) recorded the lowest cell viability of 25.57% in cervical cell line, 29.74% in breast cell line, 33.10% in lung cell line and 34.53% in the colon cell line. The antioxidant active extract showed significant stability against pH with attributed increase in antioxidant activity in the range between 8–12. The extract can be used effectively as a natural antioxidant and anticancer after progressive testing.