Onosma species have traditionally been used as laxative and anthelmintic agents as well as their uses in eye, blood diseases, bronchitis, abdominal pain, strangury, thirst, itch, leucoderma, fever, wounds, burns, piles, and urinary calculi. This study examines the investigation of biological activities of ethyl acetate, methanolic, and aqueous extracts from Onosma gigantea Lam. The extracts were evaluated for the antioxidant and enzyme inhibitory activities. Phenolic compounds in the extracts were also detected by RP-HPLC-DAD. The aqueous extract showed remarkable antioxidant activity in phosphomolybdenum [134.31 μmol trolox equivalents (TEs)/g air dry matter (adm)], chelating effect [32.97 μmol ethylenediaminetetraacetic acid (disodium salt) equivalents (EDTAEs)/g adm], radical scavenging [on DPPH (32.14 μmol TEs/g adm) and ABTS (58.68 μmol TEs/g adm)], and reducing power [CUPRAC (50.23 μmol TEs/g adm) and FRAP (40.96 μmol TEs/g adm)] assays. The aqueous extract also exhibited considerable inhibitory activity of tyrosinase (10.48 μmol kojic acid equivalents/g adm) and α-glucosidase [1320.53 μmol acarbose equivalents (ACEs)/g adm]. It has been determined that the methanolic extract showed significant AChE (31.57 μmol galanthamine equivalents (GALAEs)/g adm) and α-amylase (6.75 μmol ACEs/g adm) inhibitory activity. The ethyl acetate, which contains low polarity compounds, showed the highest BChE inhibitory activity (6.87 μmol GALAEs/g adm). In general, it is found that there is a positive correlation between the phytochemical contents of the extracts and their biological activities. The results indicate that O. gigantea extracts could be considered as a novel source of bioactive agents with functional connections.