This study was conducted to evaluate the thrombolytic activity and cytotoxic activity of Phalaris canariensis. Phalaris canariensis has been first time reported in our study. The plant belongs to the Poaceae family and locally used for the treatment of diabetes tumors, boils and buboes. The aqueous, methanolic, ethanolic, ethyl acetate, chloroform and their cyclohexane soluble partitioning materials extracts of Phalaris canariensis were used to evaluate the thrombolytic property and the cytotoxic activity. Streptokinase was used as standard for the thrombolytic activity evaluation and the highest % of clot lysis was found in the the aqueous soluble fraction, which was 82.04. Vincristine sulphate was used as standard for cytotoxic activity and the chloroformic extracts provides comparatively best IC50 value which was 94.58 µg/ml.