The objective of this study was to evaluate the protective and therapeutic effects of ethanol and water extracts of the aerial parts of Argyreia speciosa (Convolvulaceae) against ethanol induced gastric ulcer in rats. Each extract (200 mg/kg b.wt.) was orally administered daily for seven days prior or after ulceration with one oral dose of 1 ml ethanol on 24 hours empty stomach. Ranitidine (100 mg/kg b.wt.) was used as a reference drug. The evaluation was carried out through measuring ulcer indices and oxidative styress markers. Certain marker enzymes for different cell organelles were also estimated. The work was extended to determine collagen content and histopathological assessment of the stomach. Phytochemical screening of each extract was also done to identify the compounds responsible for protecting and healing gastric ulcer. Gastric ulcer recorded drastic changes in all parameters under investigation. Water extract showed the most potent effect as a protective agent, while ethanol extract recorded the most healing action.