The aim of the present study was to isolate endophytic fungi from the medicinal plant, Lobelia nicotianifolia (Lobeliaceae) and to evaluate the antioxidant potential of the methanolic extracts of the fungi. Fusarium, Aspergillus, Penicillium and Mucor species were isolated from L nicotianifolia and subjected to antioxidant activity by DPPH method, total antioxidant potential by phosphomolybic acid method and total phenolic contents by Folin’s Ciocaltue method. All the extracts showed significant antioxidant potential and the antioxidant nature of the extracts were dependent on the concentration. Phytochemical analysis showed the presence of various secondary metabolites including flavonoids. There was a positive correlation between the phenolic content and the antioxidant capacity of the endophyte extracts. These studies confirm the medicinal values of the endophytic fungi.