The leaf, pulp and seed extracts of Carica papaya (Linn.) were tested for the presence of various phytochemicals like tannins, saponins, alkaloids, flavonoids, carbohydrates and proteins. The invitro antioxidant potential of Carica papaya (Linn.) extracts were evaluated by different methods like DPPH assay. FRAP assay, Nitric Oxide assay and Total antioxidant capacity. The erythrocyte membrane stabilizing property was studied using heat induced hemolytic assay and osmotic fragility test. The thrombolytic potential was assessed by determining the percentage of clot dissolved by the extract. The results show that aqueous, ethanolic and methanolic extracts of Carica papaya (Linn.) contains varying amount of phytochemicals and a remarkable antioxidant potential. The results of membrane stabilizing and the thrombolytic properties demonstrate that papaya is one of the obvious choices for various medicinal applications.