The present study was carried out to evaluate hypoglycemic and in vitro antioxidant activity of ethanolic extracts of Ficus racemosa Linn. Fruits (EEFR). Antidiabetic potential of the plant extracts was evaluated by oral administration at the doses of 100 and 200 mg/kg on alloxan induced Swiss albino mice and in vitro antioxidant potential was investigated by using 1, 1-diphenyl-2-picrylhydrazyl (DPPH) free radical scavenging activity and total antioxidant capacity. Glucose tolerance test reveals that the extract at the doses of 100 mg/kg and 200 mg/Kg, showed a significant decrease (p<0.05) of fasting blood glucose level after 3 hours of extract administration when compared to normal control. After prolonged study of 14 days, blood glucose level reduced at the significant level (p<0.05) as compared with alloxan induced diabetic control mice. At a dose of 100 mg/kg body weight, the extract significantly lowered blood glucose level and showed maximum reduction of 33.85% on day 14. The extract, at a dose of 200 mg/kg body weight produced maximum reduction of 41.91% on day 14 whereas inhibition of 45.49% was found for metformin on day 14. In antioxidant study, the extract showed significant activities in both of the antioxidant assays as compared to ascorbic acid in a dose dependent manner. In DPPH scavenging assay, the IC 50 value of the extract was found to be 140.55 µg/ml while the IC 50 value of ascorbic acid was 58.92 µg/ml. This study suggests that EEFR has both hypoglycaemic and antioxidant potential.