Antioxidant activities and phenolic contents of 26 species extracts from 20 botanical families grown in north-western Himalaya were investigated. Antioxidant activities were determined using DPPH (1,1-diphenyl-2-picrylhydrazyl) radical scavenging and ferric reducing antioxidant power (FRAP) assays. Total phenolic content (TPC) was determined using a Folin-Ciocalteu assay. Quantitative and qualitative analysis of phenolic compounds was also carried out by reverse phase high performance liquid chromatography (RP-HPLC) using diode array detector (DAD). Major phenolics determined using RP-HPLC in analyzed species were gallic acid, chlorogenic acid, p-hydroxy benzoic acid, caffeic acid, vanillic acid, syringic acid, p-coumaric acid and ferulic acid. Antiradical efficiency (1/EC50) determined using DPPH radical scavenging assay ranged from 0.13 to 5.46. FRAP values ranged from 8.66 to 380.9 μmol Fe(II)/g dw. Similarly, the total phenolic content in the analyzed species varied from 3.01 to 69.96 mg of gallic acid equivalents (GAE)/g dry weight. Gallic acid was found in the majority of the samples, being most abundant compound in Syzygium cumini bark (92.64 mg/100 g dw). Vanillic acid was the predominant phenolic compound in Picrorhiza kurroa root stolen (161.2 mg/100 g dry weight). The medicinal plants with highest antioxidant activities were Taxus baccata and Syzygium cumini. A significant positive correlation, R2 = 0.9461 and R2 = 0.9112 was observed between TPC determined using Folin-Ciocalteu method and antiradical efficiency and FRAP values respectively, indicating that phenolic compounds are the major contributor of antioxidant activity of these medicinal plants.