Natural product drug discovery is an important area which delivers more than 50% of drug candidates used to treat cancer patients around the world. For the past several decades, marine algae have been actively analyzed for the presence of bioactive metabolites with varying degree of success. Here we have subjected the red algae Kappaphycus alvarezii to preliminary screening of antioxidant and anticancer activity against breast cancer cell line MCF-7. Initially, chromatographic techniques showed the presence of metabolites such as quinones, flavonoids, cardiac glycosides, and sterols in both the ethanol and chloroform extract of the algae. Both DPPH and HRAS assays of ethanol and chloroform crude extracts displayed a dose-dependent increase in radical scavenging from 12.5% to 58.55% respectively. The chloroform extract of Kappaphycus alvarezii showed highest antioxidant capacity of all. The in vitro cytotoxicity of EtOH and CHCl3 crude extracts against breast cancer cell line MCF-7 were determined by MTT assay. While cell viability was inversely proportional to the concentration of the extract, a maximum of 56% cell inhibition was observed in CHCl3 extract treated replicates. Since crude extracts exhibit viable levels of antioxidant as well as cytotoxic properties, it can be safely reasoned that bioactive compounds finely investigated will reveal, probable lead candidates for antioxidant and anticancer health supplements.