Alkaloids are aromatic hydrocarbons with nitrogen as heteroelements in the ring structure that are responsible for bonding with the metal surface and help to reduce corrosion of metals such as mild steel (MS) in an acidic medium. In this study, the alkaloid of Rhynchostylis retusa (RR) was extracted by solvent extraction method and confirmed by chemical test as well as FTIR spectroscopic test. Extracted alkaloids were tested as green inhibitors for the MS corrosion in a 1.0 M H2SO4 solution. The inhibition efficiency (IE) of alkaloid extracts of RR was studied by the weight loss measurement method and electrochemical polarization method. Results showed that the maximum IE in the gravimetric method was 87.51% in 1000 ppm solution at 6 h immersion time. Open circuit potential (OCP) and potentiodynamic polarization results indicated that the extracted alkaloids acted as a mixed type of inhibitor. IE by polarization method was found to be 93.24% for the sample immersed for 6 h. The temperature effect study reveals that inhibitors can work only below 35 °C. Alkaloids of RR can be successfully extracted and used as corrosion inhibitors for MS in an acidic medium below 35 °C.