The potential use of the Banana (Musa paradisiaca L.) leaf which is commonly used in southern parts of India. The leaves are used in various functions, festivals for eating, packing. Most of them goes wasted to the land and gets polluted. The leaves have a wax coating on the surface of the leaf which is natural wax and are esters of fatty acids. This natural wax can be used for various commercial purposes as a coating, cosmetics, food coating, confections, medicines. In the present study the banana leaf wax was extracted and quantified for various studies anticancer, antidiabetic, XRD, IR, UV VIS, TGA, Homo Lumo analysis. The banana leaves were cut into small pieces and with solvent hexane, wax was extracted by reflux method. The precipitated wax was collected and analysed for anticancer, antidiabetic, IR, XRD, UV VIS, TGA, Homo Lumo spectral analysis for characterization. The wax was sent for analysis of anticancer and antidiabetic assay. The results obtained revealed that the anticancer activity exhibited against MDAMB-231 cell-line and results compared with the standard cisplatin drug. The IC50 of cell inhibition of banana wax was found to be 168.07 µg/ml and diabetic alpha amylase activity was measured with the standard acarbose which resulted a positive response with the plant extract 186.02 µg/ml. The presence of Arachidonic acid, Beharic acid, EPA, Lignoceric acid, linoleic acid, linolenic acid, Myristic acid, Oleic acid, Palmitic acid and Stearic acid revealed a significant use in the various useful products.