Alstonia scholaris (L.) R. Br. is commonly known as Saptaparni or Devil’s tree used in various traditional medications for the cure of several human ailments. As a result of our investigation on the stem bark of Alstonia scholaris, twelve secondary metabolites have been isolated, out of which compounds 2, 3, 7 and 9 have been isolated first time from the genus Alstonia. Structures of the isolates were characterized with the help of spectroscopic techniques. All the isolates were subjected to biological screening but only two showed DPPH radical scavenging activity and inhibitory potential against the enzymes lipoxygenase and urease. Diospyrolide (3) and 19-20-Z-vallesamine (1) exhibited excellent urease inhibitory and antioxidant potential with the IC50 value 19.2 ± 0.10 (21.5 ± 0.47) and 24.9 ± 0.11 (44.2 ± 0.28), respectively.