The chemical composition of the essential oil from the aerial parts of Thymus haussknechtii Velen. was analyzed by using gas chromatography (GC-FID) and gas chromatography-mass spectrometry (GC-MS). The major component of the essential oil was thymol (52.2%). Total phenolic content of the essential oil was determined as 132.9 µg gallic acid equivalent. The antioxidant capacity was evaluated by DPPH free radical, superoxide anion radical and hydrogen peroxide scavenging activities along with ferrous ion-chelating power test, ABTS radical cation decolorization assay and ferric thiocyanate methods. In addition to antioxidant activity, anticholinesterase activity of the essential oil was also evaluated. It exhibited inhibitory activities on AChE and BuChE which play an important role in Alzheimer’s disease, along with significant antioxidant activity.