<i>Arum palaestinum</i> is a wild edible plant that belongs to the Araceae family and grows in different regions of the Middle East. The present study aimed to investigate the chemical composition and bioactivities of <i>A. palaestinum</i> spadices utilizing GC/MS analysis of the non-polar fraction, the MTS assay as well as membrane stabilization and disk diffusion tests on various methanolic extracts. Twelve known compounds from the non-polar fraction were characterized by the GC/MS analysis. The spathe extract exhibited the maximum inhibition activity against HeLa cells and good activity against HepG-2 cells. The spathe extract showed a relatively high selectivity ratio towards three cancer cell lines, i.e., around 0.22, 0.73, and 0.16 towards HeLa, MCF-7, and HepG-2, respectively. Membrane stabilization was induced by all the crude extracts, ranging between a 70.7% hemolysis inhibition rate exerted by the spathe extract and 75.3% inhibition by the XAD extract. The results suggest that <i>A. palaestinum</i> spadices may be considered as a potential source of new bioactive agents for drug development.