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The present study aimed to determine the antioxidant potential and phytochemical components of aqueous extract of Matricaria recutita, which grows in hilly areas of Azad Kashmir, Pakistan. In order to evaluate its antioxidant activity, different methods, such as DPPH radical scavenging, ABTS scavenging, lipid peroxidation, and metal chelation assays, were performed. The flower extract showed higher DPPH radical scavenging activity (IC50: 75.3 µg/ml) compared to the leaf extract (IC50: 82.3 µg/ml). Similarly, the flower extract displayed higher ABTS radical scavenging activity (IC50: 102.3 µg/ml) compared to the leaf extract (IC50: 107.5 µg/ml). Significant metal chelating ability was observed of Matricaria recutita. There existed a significant correlation among the different antioxidant activities. Detailed phytochemical analysis of flower extracts showed the presence of important phenolic and flavonoid compounds, including gallic acid, chlorogenic acid, caffeic acid, qurecetin-3-galactoside, apigenin-7-glucoside, kaempferol-3-sinapoylsophotrioside, esculetin, kaempferol 3-(caffeoyldiglucoside)-7-rhamnoside, quercetin-3-sinapolysophoroside-7-glucoside, quercetin-3-(caffeoyl-diglucoside)-7-glucoside, isorhamnetin-3-(caffeoyldiglucoside)-7-rhamnoside, kaempferol-3 feruloylsophoroside-7-glucoside, kaempferol-3-malonylglucoside, quercetin-3-(6″-acetyl)glucosyl-2″-sinapic acid, 5, 7, 3′-trihydroxy-6, 4′, 5′-trimethoxyflavone, and tetrahydroxy-dimethoxyflavone. On the basis of these results, it has been concluded that Matricaria recutita collected from Azad Kashmir contains important phytochemicals and can be utilized as a source of antioxidants.