The present study was undertaken to evaluate the antidiabetic and antiulcer activity of Punica granatum Linn.Variety arakta. For the antidiabetic activity, the hydro alcoholic peel extract of P. granatum L. was investigated for its effect on blood glucose level in normal & alloxan induced diabetic rats. The effect was studied at two dose levels, 50 & 100 mg/kg, body weight. The activity was compared with the standard drug glibenclamide (2 mg/kg, orally). The extract significantly lowered blood glucose level in both normal and diabetic rats. For antiulcer activity, Gastric ulcers were induced in euglycemic and diabetic rats by physical (Pylorus ligatio or PL) method and chemical agent (Aspirin, 400 mg/kg, orally or Asp.). The extract of various parts (peel, rind and seed) of Punica granatum fruit (PGF) produced a significant reduction in the ulcer index. Administration of extract of peel, rind and seed of the PGF showed percentage of ulcer inhibition as 76.25%, 84.05% and 88.05%, respectively in PL model while 88.63%, 61.36% and 70.45%, respectively in Asp. model. The antiulcer activity was showed by changes in parameters like ulcer index, free acidity and total acidity.