Preliminary phytochemical screening was carried out for methanolic extracts of Pterolobium hexapetalum (PH) and Celosia argentea (CA). Methanolic extracts of PH and CA were studied as corrosion inhibitors for mild steel in industrial water medium using mass loss and electrochemical techniques. The adsorption of both PH and CA extracts on mild steel surface followed Langmuir isotherm. The electrochemical impedance spectroscopy (EIS) measurements showed that the charge transfer resistance increases with increasing concentration of extracts. Various thermodynamic parameters were evaluated and discussed. Scanning electron microscopy (SEM) was used to analyze the surface adsorbed film. Further, antioxidant activity of the plant extracts was determined and correlated with the results obtained with inhibition efficiency.