The ethyl acetate fraction (EAF) and n-butanol fraction (NBF) of ethanolic extract of Bacopa monnieri aerial parts were screened for hepatoprotective activity and in vivo antioxidant activity on ethanol-induced hepatotoxic rats. Ethyl acetate fraction was found to be more potent even though both the fractions were endowed with significant hepatoprotective activity. EAF and NBF were investigated for hepatoprotective activity in albino rats at 300 mg/kg, p.o. dose and compared with standard drug Silymarin (25 mg/kg, p.o.). Results show that both the fractions were effective in blunting ethanol-induced enhanced activities of serum glutamate oxaloacetate transaminase, serum glutamate pyruvate transaminase, alkaline phosphatase, level of serum bilirubin (both total and direct), liver weight loss and was also effective in reducing ethanol-induced lipid peroxidation both in vitro and in vivo. Furthermore, the fractions could also enhance ethanol-induced suppressed activities of superoxide dismutase, catalase and decreased level of reduced glutathione. Results of hepatocellular damage caused by ethanol and its recovery by EAF and NBF, suggest that they might be considered as a potential source of natural hepatoprotective agents, which could be related to the free radical scavenging properties of saponins present in high concentration in the fractions.