Chirata (Swertia chirata) is widely used in Indian folk medicine for the prevention of various disorders. Herein, we analyzed the water-extracted carbohydrate polymer (WECP) of this herb using chemical, chromatographic, and spectroscopic methods. The anti-oxidant capacity of this fraction was studied by ferric reducing anti-oxidant power (FRAP) and DPPH radical assays. Effect of WECP on bovine serum albumin spectrum (BSA) was determined using excitation wavelength of 282 nm. Anion exchange chromatography of WECP yielded 5 fractions (F1-F5) with different chemical compositions. The major fraction (F5) was homogeneous, had an apparent molecular mass of 4.5 kDa, and contains both carbohydrates (57%) and phenolics (34%). The anti-oxidant capacities of WECP and F5 were comparable to standard anti-oxidants. Notably, activities of the carbohydrate polymers (F1-F5) correlate with their phenolics content. Fluorescence quenching measurement suggests that F5 can form complex with BSA and the value of the binding constant is K=$6.28{ imes}10^5/M$.