Elaeagnus multiflora, generally referred to as the cherry silverberry, is a plant. Elaeagnus multiflora fruit, leaves, and roots have been traditionally utilized in China as a treatment for cough, diarrhea, itch, and foul sores, and even cancer. More importantly, it is being investigated as a food that is capable of reducing the incidence of cancer, and also as a means of halting or reversing the growth of cancers. Considering the dearth of information regarding the medicinal properties of Elaeagnus multiflora, we assessed the antioxidative and cytotoxic effects of Elaeagnus multiflora by examining its scavenging effects on the 1,1-diphenyl-2-picryl-hydrazyl(DPPH) radical, its inhibitory effects on lipid peroxidation, and its inhibitory effects on cancer cell proliferation in HeLa cells, MCF-7 cells, and SNU-638 cells via MTT assay. Ethanol extracts of Elaeagnus multiflora flesh and seed inhibited DPPH radical production($36.91{pm}1.00$, $94.17{pm}0.37$) and lipid peroxidation ($28.18{pm}5.02$, $40.30{pm}1.45$, respectively). The Elaeagnus multiflora seed is believed to exert a possible antioxidative effects against the DPPH radical. The ethanol extracts of Elaeagnus multiflora flesh and seed exerted the cytotoxic effects on Hela cells ($6.93{pm}1.92$, $84.97{pm}0.47$), MCF-7 cells($5.45{pm}0.41$, $84.97{pm}0.47$), and SNU-638 cells($19.39{pm}0.43$, $76.84{pm}0.63$) used in this study. This result suggests that Elaeagnus multiflora seeds in contrast to its flesh, is believed to exert a possible anticancer effect. Elaeagnus multiflora seeds are considered to be a the candidate for preventative and dietetic treatment as an anticancer functional food.