Lichens are complex plants living in symbiotic relationship between fungi and algae. They are used for human and animal nutrition and are used in folk medicine in many countries over a considerable period of time. In the present study, various solvent extracts of Trypethelium virens and Phaeographis dendritica were tested for their antioxidant and antimicrobial activity. The phytochemical analysis by GC/MS revealed phenolics (1.273%), terpene (0.963%), hydrocarbons (2.081%), benzofurans (2.081%), quinone (1.273%), alkanes (0.963%), and aliphatic aldehydes (0.963%) as the predominant compounds in Trypethellium virens SPTV02, whereas secondary alcohol (1.184%), alkaloids (1.184%), and fatty acids (4.466) were the major constituents in Phaeographis dendritica. The antioxidant property of methanolic extract of T. virens and P. dendritica revealed the presence of total phenolic and terpenoids. The methanolic extracts of both the lichens exhibited encouraging DPPH antiradical activity, with the IC50 of 62.4 +/- 0.76 mu g/ml for T. virens and 68.48 +/- 0.45 mu g/ml for P. dendritica. Similarly, ferric reducing power assay result exhibited higher reducing activity. Further, the lichen extracts (methanolic) indicated promising antimicrobial activities against pathogens showing MIC from 62.5 to 500 mu g/ml. The study results concludes that both the lichens could be used as new natural source of antioxidants and antimicrobial agents which can be exploited for pharmaceutical applications. Keywords: 28 s rRNA, Antimicrobial, Antioxidant, GC–MS, Lichens, PCR, Phylogeny.