Proso millet (Panicum miliaceum Linn.), one of the oldest grain crops and is sown as a catch crop extensively in India, China, Japan, parts of the Middle east, is poorly studied for its phytochemicals. In the present study it is found to possess 0.8mg/g phenolics consisting of two phenyl propenoic acids (p-coumaric and ferulic acids) and four benzoic acids (p-hydroxy benzoic acid, vanillic acid, syringic acid and melilotic acid). The total antioxidant potential of the grain was – IC50 = 31.5 ± 0.03 mg/ml in terms of ascorbic acid and gallotannins. The oil yield was 1.89% and it consisted of oleic acid (42. %) and linoleic acid (38.5%), palmitic acid (14.8%) and stearic acid (4.3%). Phospholipids present in the grain were 0.303%, consisting of five bands of cephaelins, three bands of lecithins and a single band of galactolipid. The pharmacological properties of phenolic acids are discussed and the need to bring this grain in the mainstream agriculture is emphasized.