In this study, the antioxidant (DPPH and ABTS radical-scavenging, ferric-reducing, iron (II)-chelating), anti-inflammatory (LPS-induced Raw 264.7 cell line), and cytotoxic activities (Du145 and A549 cell lines) of raw fruit, ripe fruit and leaves of the Lycium ferocissimum species were examined. By using high-pressure liquid chromatography, p-OH benzoic acid, caffeic acid, and rutin were detected in the ethanol and water extracts. For the most active raw fruit ethanol extract, the IC50 in terms of the DPPH-scavenging activity was 0.57 mg/mL, and the ABTS inhibition percentage was 88.73% at a 3 mg/mL concentration. The raw fruit ethanol extract exhibited significant inhibition of viability in the Du145 cell line in the concentration range of 62.5–1000 µg/mL. Additionally, the extract effectively reduced the LPS-induced inflammation parameters (TNF-α, IFN-γ, PGE 2, and NO) at a concentration of 31.25 µg/mL. The biological activities of L. ferocissimum, which have been elucidated for the first time, have yielded promising results.