In the present study, an attempt to evaluate the antimicrobial and antioxidant activity of fungal endophytes inhabiting $Emblica$ $officinalis$ has been made keeping in view the medicinal importance of the selected host plant in Indian traditional practices. A total of four endophytic fungi belonging to Phylum Ascomycetes were isolated from different parts of the plant which were characterized morphologically and by using rDNA-internal transcribed spacer. The most frequently isolated endophyte was $Phomopsis$ sp. The antioxidant activity by 2, 2-diphenyl-1-picrylhydrazyl (DPPH) and reducing power assay, and total phenol were evaluated using ethanolic extract of endophytic fungi. DPPH activities in all the ethanolic extract increased with the increase in concentrations. Endophytes, $Phomopsis$ sp. and $Xylaria$ sp. showed highest antioxidant activity and also had the higher levels of phenolics. Antimicrobial activity of fungal extract were tested against four bacteria namely, $Escherichia$ $coli$ MTCC730, $Enteroccocus$ $faecalis$ MTCC2729, $Salmonella$ $enterica$ ser. $paratyphi$ MTCC735 and $Streptococcus$ $pyogenes$ MTCC1925, and the fungus $Candida$ $albicans$ MTCC183. In general, the fungal extracts inhibited the growth of test organisms except $E.$ $coli$.