The antioxidant potential, Phytochemicals, and lignocellulosic composition of fresh and dry banana peels were investigated to deduce the bioactive ingredients in banana peels and explore their potential uses and also to determine if banana peels could be an excellent natural source of antioxidants among other health-promoting substances. The methanol extract of the banana peels was exposed to different phytochemical tests and lignocellulosic content analysis using the standard method. The research revealed that phytochemicals were higher in the fresh banana peels than in the dried ones while the lignocellulosic contents were higher in dried banana peels than the fresh ones. Phytochemicals present include flavonoids, cyanogenic glycosides, quinones, coumarines, alkaloids and saponins while phenols, phlobatanins, steroid, terpenoid, tannins, and anthraquinones were not detected. Cyanogenic glycoside, alkaloid, flavonoid and saponins were 34.0 ± 0.04, 49.0 ± 0.12, 56.0 ± 0.05, 28.0 ± 0.16 and 27.1 ± 0.17, 44.0 ± 0.07, 52.0 ± 0.13, 24.0 ± 0.02 in fresh and dried banana peels respectively. Similarly, lignin, cellulose, hemicellulose contents was 5%, 15%, 3.8% and 23.4%, 67.6%, and 45.6% in the fresh and dried banana peels respectively. Plants possess antioxidant and antibacterial characteristics due to flavonoids, lignin, saponins, phenols, and alkaloids, all of which are identified in the current study. These findings suggest that dried banana peels, are abundant in phytochemicals, antioxidants, and lignocellulosic components, which could be significant in improving human health and disease prevention as well as serve as a useful raw material in the packaging, paper and biofuel industry.