Basil (Ocimum basilicum L.) is one of the most common aromatic herbs, a rich source of bioactive compounds, and is used extensively to add aroma and flavor to food. The leaves, both in fresh and dried form, are used as a culinary ingredient in different cultures. O. basilicum is also famous for its therapeutic potential and preservation effects. The present study investigated the cytotoxicity of basil at three different growth stages (GS), i.e., GS-1 (58 days of growth), GS-2 (69 days of growth), and GS-3 (93 days of growth) using the brine shrimp lethality assay. The results revealed that cytotoxicity was influenced by GS and the concentration of extracts. Aqueous extracts of basil at a concentration of 10 to 1000 µg/mL did not show notable toxicity. The lowest mortality rate, i.e., 8.9%, was recorded for GS-2 at the highest tested dose of basil extracts. The mortality rate at GS-1, GS-2, and GS-3 was found to be 26.7 ± 3.34%, 8.91 ± 0.10%, and 16.7 ± 0.34%, respectively, at 1000 µg/mL. GS-2 basil powder with the lowest toxicological risk was extracted with different solvents, viz., n-hexane, dichloromethane, ethanol, and water. The highest concentration of plant secondary metabolites including total phenolic acid, flavonoids, and tannin content was observed in ethanol extracts. Ethanol extracts also exhibited the highest antioxidant activity in DPPH, FRAP and H2O2 assays. LC-ESI-MS/MS analysis presented ethanol extracts of basil as a promising source of known health-promoting and therapeutic compounds such as rosmarinic acid, ellagic acid, catechin, liquiritigenin, and umbelliferone. The results suggest basil, a culinary ingredient, as a potential source of bioactive compounds which may offer an array of health promoting and therapeutic properties.