Banana peel, a little-used waste, contains a high amount of biologically active compounds. The aim of the study is to demonstrate in vitro, the antioxidant, cytotoxic, and antimicrobial effects of hydroalcoholic extracts from yellow (BP) and red (BPR) banana peels. The analysis of the extracts by Capillary Zone Electrophoresis (CZE) has confirmed the presence of several bioactive compounds. BPR has a higher in vitro antioxidant activity than BP, which correlates with a significant cytotoxic, antimicrobial effect, with a UVA/UVB rate of 0.9. In the case of BPR, the results confirm the presence of isoquercitrin and kaempferol in a 1:3 ratio. The bioactive compounds from the extracts have shown a different interaction with HCT-8 cell lines and with tested bacterial strains with pathogenic properties. The HCA analysis proved the biological value of BPR to reduce oxidative stress and its potential use in natural products.