In this study, two halophiles (Halobacterium sp MA06 and Streptomyces sp MA05) isolated from the salt lake of Chennai were exploited. Optimization of growth condition for both the organisms was done and then subjected for bioprospecting analysis for the enzyme (amylase) and pigment production. One of the isolates, i.e., Streptomyces sp MA05, was found to produce amylase. Thus that organism was subjected to amylase production, and the produced amylase was characterized. The other isolate (Halobacterium sp MA06) was found to produce orange color pigment, and the pigment was characterized by GC-MS analysis and subjected to optimization of pigment production. The extract of Streptomyces sp MA05 and pigment of Halobacterium sp MA06 were subjected to antimicrobial and anticancer activity. Only the metabolite of Streptomyces sp MA05 had antibacterial activity.