Different parts of the fruit of Punica granatum L. family Punicaceae cultivated in Egypt were extracted and standardized to be assessed for their anticancer and antioxidant properties. An HPLC method was modified and validated for standardization using ellagic acid (EA) as a marker. The 50% ethanol was proven to be a better solvent for extraction than the 70% ethanol, as the 50% hydroalcoholic fruit extract was standardized to contain 5.9 ± 0.15 % total polyphenols compared to 4.4 ± 0.35 % in the 70% hydroalcoholic extract. The 50% hydroalcoholic extracts of the whole fruit, pulp and peels were standardized to contain 0.3 ± 0.05, 0.02 ± 0.01 and 1.9 ± 0.1 % of EA, respectively. The peel extract showed the highest antioxidant activity (IC50 = 0.50 ± 0.9 mg/ml) compared to the other two extracts, as well as, a pronounced anticancer activity against MCF-7 human breast cancer cells and HCT-116 colon cancer cells with IC50 values of 7.7 ± 0.01 and 9.3 ± 0.06 µg/ml, respectively. The standardized peel extract was formulated into capsules. Here we report the possible use of pomegranate peels, a biological waste product, to develop natural pharmaceutical preparations.