We present X-ray spectral and timing analysis of members of the young open cluster IC 2391 observed with the XMM-Newton observatory. We detected 99 X-ray sources by analysing the summed data obtained from MOS1, MOS2 and pn detectors of the EPIC camera; 24 of them are members, or probable members, of the cluster. Stars of all spectral types have been detected, from the early-types to the late-M dwarfs. Despite the capability of the instrument to recognize up to 3 thermal components, the X-ray spectra of the G, K and M members of the cluster are well described with two thermal components (at kT$_1 ∼$ 0.3-0.5 keV and kT$_2 ∼$ 1.0-1.2 keV respectively) while the X-ray spectra of F members require only a softer 1-T model. The Kolmogorov-Smirnov test applied to the X-ray photon time series shows that approximately 46% of the members of IC 2391 are variable with a confidence level $>$99%. The comparison of our data with those obtained with ROSAT/PSPC, nine years earlier, and ROSAT/HRI, seven years earlier, shows that there is no evidence of significant variability on these time scales, suggesting that long-term variations due to activity cycles similar to that on the Sun are not common, if present at all, among these young stars. Comment: Astronomy & Astrophysics, in press