Pharmacological properties of native carrageenan (κ) extracted from Kappaphycus alvarezii and commercial carrageenan (Sigma-Aldrich) were evaluated using in vitro antioxidant, anticancer and antidiabetic studies. Phytochemical analysis of native and commercial carrageenans showed the presence of alkaloids, saponins, steroids, gums & mucilages and carbohydrate. Both native and commercial carrageenans exhibited better antioxidant activities such as total antioxidant capacity (87±0.47 and 82.6±0.47μg A.A/g), hydroxyl radical scavenging activity (61.4±0.27 and 58.66±0.31μg/ml), nitric oxide radical scavenging activity (80.42±0.22 and 73.66±0.22μg/ml), DPPH radical scavenging activity (56.26±0.20 and 53.67±0.082μg/ml) and reducing power assay (46.57±0.32 and 42.54±0.27μg/ml) at the maximum concentration of 100μg/ml carrageenans. These results indicated that native carrageenan from K. alvarezii possessed better antioxidant potential in comparison with commercial carrageenan. Anticancer activities of both carrageenans showed excellent inhibition on the growth of breast, colon, liver and osteosarcoma cell lines at the maximum concentration of 150μg/ml. Native carrageenan exhibited an excellent anticancer activity on colon carcinoma cell lines (67.66±0.168%) with the IC50 value of 73.87μg/ml and commercial carrageenan possessed a potent inhibition on the growth of breast cancer cell lines (67.33±0.077%) with the IC50 value of 123.8μg/ml. These results clearly indicated the beneficial effect of native and commercial carrageenans as anticancer agents being a free radical scavenger. Anti-diabetic property of both carrageenans showed inhibition effect on α- glucosidase enzyme. The inhibitory effect depends on concentration of carrageenans and it was recorded that maximum (74.49±1.05 and 67.42±0.63) inhibitory effect of α- glucosidase enzyme at 500μg/ml concentration.