Arjunarishta (Parthadyarishta) is an important Ayurvedic formulation used for cardiovascular disorders and is prepared by fermenting the decoction of specified plant materials using flowers of Woodfordia fruticosa. In present communication, an HPLC-PDA method was developed for the standardization of Arjunarishta by quantitative estimation of major antioxidant compounds, ellagic acid, gallic acid, ethyl gallate, quercetin and kaempferol as markers. The developed method was validated with respect to linearity, precision, accuracy, and robustness. The HPLC analysis showed an increase in amount of ellagic acid and gallic acid during preparation, i.e. decoction vs formulation. A similar increase in free radical scavenging activity of formulation vs decoction was also observed. Arjunolic acid and arjunic acid were not detected in the formulation.