The Centaurea genus has great potential in traditional systems and has attracted much interest in the design of novel drug formulations. The present study was focused on the chemical fingerprints and biological properties of Centaurea drabifolia subsp. drabifolia and Centaurea lycopifolia extracts. Spectrophotometric and LC–MS techniques were used to establish the chemical profiles of the studied extracts. Enzyme inhibitory potential was assessed against key enzymes linked to global health problems, namely neurodegenerative diseases (acetylcholinesterase), pigmentation (tyrosinase), and diabetes (α-amylase and α-glucosidase). The antimicrobial propensities of the extract were evaluated against 16 bacterial and fungal strains using the microdilution method. The antioxidant abilities were assessed using DPPH and ABTS radical scavenging, ferric, and cupric reducing powers, phosphomolybdenum, and ferrous metal chelation. The total phenolic compounds varied from 18.33 to 32.84 mgGAE/g extract. Total flavonoid content of the extracts were in the range of 2.88–22.39 mgRE/g extract. Methanol and water extracts showed stronger antioxidant abilities compared to the ethyl acetate extracts. However, the latter extracts were most efficient towards the target enzymes (except for tyrosinase). The water extracts also exerted considerable antimicrobial effects. Findings from the present work tend to support the idea that C. drabifolia subsp. drabifolia and C. lycopifolia may be utilized as effective bio-resources for designing novel health-promoting products or ingredients. It is anticipated that results amassed from this still will open new avenues for research and contribute towards establishing primary data on these species for designing novel phytopharmaceuticals.