Introduction: Black shallot is the novel product of shallot (Allium ascalonicum), one of the most famous spices and remedies used in Vietnamese cuisine and in folk medicine, via aging process in a controlled temperature and humidity environment. However, the bioactivities of black shallot ethanol extract have not been studied yet. Materials & Methods: The aims of this study are determination of chemical composition and antioxidant, anticancer, anti-inflammatory effects of black shallot extract. The chemical constituents of black shallot extract were determined via ESI-MS/MS analysis and the antioxidant activity of extract was evaluated by 1,1-diphenyl-2picryl-hydrazil (DPPH) radical scavenging assay. The anticancer activity of black shallot against human cervical carcinoma (Hela) and human hepatocellular carcinoma (HepG2) cell lines was tested via the MTT assay. The anti-inflammatory effect of extract was measured through quantification of nitrite oxide production using the Griess reaction. Results & Discussion: We identified the presence of 7 bioactive compounds in black shallot extract, including quercetin 3,4-diglucoside, isorhamnetin 3,4-diglucoside, quercetin 3-glucoside, quercetin 4-glucoside, isorhamnetin 4-glucoside, quercetin aglycone, isrohamnetin. Moreover, black shallot extract exhibited the stronger antioxidant activity than fresh shallot extract (25.67 ± 0.65% versus 18.21 ± 0.35%, respectively). Of note, anticancer and anti-inflammatory effects of black shallot were also higher than those of fresh shallot. Conclusion: The data suggest black shallot as one of the promising functional foods for treatment of inflammatory and cancer related diseases.