Borage (Borago officinalis L.) is known drug in Unani system of medicine which is very popular as Gaozaban and used in various khamira (semi solid Unani formulations) for cardioprotection. In the present study, a comparative antioxidant potential of different extracts of borage leaves along with rosmarinic acid (positive marker of the drug) was carried out using DPPH and nitric oxide free radical scavenging method prior to estimated total phenolic content in each extract. The suitable solvent systems were developed for TLC profiling of each extract and results were compared. A HPTLC method was developed for the analysis of rosmarinic acid and it was validated as per the ICH guidelines. The developed method was found simple, selective, economic and accurate for the analysis of rosmarinic acid. The developed method was used for the estimation of rosmarinic acid in different extracts and it was concluded that content of rosmarinic acid is correlated to the antioxidant potential of the drug.