The ethanolic extract from corms of the Colchicum luteum Baker (Liliaceae) was investigated phytochemically. During phytochemical studies, compounds 1 - 4 were isolated from the n-butanol fraction. These compounds were identified as colchicines 1, beta - Lumicolchicine 2, chlorogenic acid 3 and 3', 4', 5.7-Tetrahydroxyflavone 4, on the basis of different modern spectroscopic techniques. Chlorogenic acid 3', 4', 5.7-Tetrahydroxyflavone were isolated for the first time from this species. On the basis of scavenging activity of the stable 1, 1-diphenyl-2-picrylhidrazyl (DPPH) free radical, the crude ethanolic extract and subsequent fractions of C. luteum Baker offered promising antioxidant activity. The highest activity was displayed by chloroform fraction (91%), while the overall range was found (56 91%), expressed some correlation with the isolated compounds.