Lichens are a symbiotic association between a fungal and an algal partner while Seaweeds are marine non-flowering plants commonly referred to as macro algae. Both Lichens and Seaweeds are found to possess unique secondary metabolites with different applications most of which are not completely explored. In the present study Parmelia perlata, Lichen that belongs to the family Parmeliaceae, widely consumed as an edible source in India and Hypnea cervicornis, Seaweed that belongs to the family Hypneaceaeare used as they play an important role in different industry but not widely studied. This study was aimed to explore the phytochemical components present in both the Lichen and Seaweed samples. The samples were collected and extracted by means of Cold extraction method using Methanol and water and the extracts thus obtained from both the samples were subjected to qualitative and quantitative analysis of phytochemicals. About 19 phytochemicals such as Glycosides, cardiac glycosides, alkaloids, tannins, phenols, flavanoids, steroids, phytosterols, diterpenes, terpenoids, saponins, resins, quinines, phlobotannins, carbohydrates, proteins, aminoacids, lipids and volatile oil were assessed in the current study. Among the extracts the methanolic extract of both the samples were found to have shown positive result for almost all the phytochemicals compared to that of the aqueous extract. Many of the secondary compounds from these samples still remain unexplored and are not widely studied for their applications so this work is an attempt to identify the presence of such beneficial compounds in both Lichen and Seaweed that could prove to be useful for different applications.