The present study aims to conduct phytochemical screening and evaluation of the antioxidant potential of ethanol and acetone leaf extracts of the four commonly cultivating varieties of Colocasia esculenta they are Sree Kiran, Sree Rashmi, Sree Pallavi and Muktakeshi. In addition, the polyphenolic composition of Muktakeshi's ethanolic leaf extract was investigated using LCMS. The phytochemical screening of the varieties indicated the presence of valuable secondary compounds like alkaloids, phenols, flavonoids, terpenoids, saponins tannins etc. in all varieties. The total phenol and flavonoid contents were found to be higher in the ethanolic leaf extract of Muktakeshi. All the leaf extracts exhibited a moderate antioxidant ability whereas the ethanolic leaf extract of Muktakeshi showed comparatively higher antioxidant activity with the least IC50 value in both DPPH and nitric oxide assays. The LCMS studies revealed the presence of polyphenolic compounds like quercetin, kaempferol, gallic acid, caffeic acid, luteolin 7-rutinoside, chlorogenic acid, vitexin, and rutin in the ethanolic leaf extract of Muktakeshi. It is a good source of many potentially effective bioactive compounds and is useful in preventing oxidative stress-associated diseases in humans. In the present study, it was found that considerable variations exist in the phenol-flavonoid content and antioxidant properties of the Colocasia varieties studied.