Herein, it was aimed to evaluate three different extracts of the plant Asphodelus aestivus in terms of their antioxidant capacity, total phenolic content, flavonoid profile, and anticholinergic and antidiabetic activity. In addition, the phenolic content of the A. aestivus extracts was determined by liquid chromatography‐mass spectrometry/mass spectrometry. The results obtained in the antioxidant studies were checked against butylated hydroxyanisole, butylated hydroxytoluene, Trolox, and α‐tocopherol antioxidants, which are reference standards. The half‐maximal inhibition concentration (IC50) values of A. aestivus for 1,1‐diphenyl‐2‐picryl‐hydrazyl and 2,2´‐azino‐bis(3‐ethylbenzthiazoline‐6‐sulfonic acid) removal activity were 245.015‐285.851 and 285.818‐371.563 μg/mL, respectively. Then, the reducing impact of A. aestivus extracts was evaluated by the cupric ion (Cu2+), ferric ion (Fe3+), and Fe3+‐TPTZ reducing capabilities. Moreover, 0.058, 0.064, and 0.100 μg of gallic acid equivalent of phenolic and 0.500, 1.212, and 2.074 μg of quercetin equivalent of flavonoid contents were determined from 1 mg of ethanol, water, and water–ethanol extracts, respectively. For water–ethanol, ethanol, and water extracts of A. aestivus, IC50 values of 0.062±0.0001, 0.068±0.0002, and 0.090±0.0001 µg/mL against acetylcholinesterase, respectively, were calculated. In addition, against the enzyme α‐glucosidase IC50 values of 16.376±0.2216, 18.907±0.3004, and 24.471±0.4929 μg/mL, respectively, were calculated. Extracts showed considerable biological activities thanks to the important molecules they contain.