This paper reports the assessment of bioactivity of inflorescences extracts of Musa paradisiaca L. obtained using supercritical CO2 (scCO2) and compressed propane as solvents. The effects of extraction conditions over the antioxidant and antibacterial activity were evaluated. The highest antioxidant activity (3576.86±18.36mg of ɑ-tocopherol/g extract) was found for extracts obtained using scCO2 as solvent at 353.15K and 25.0MPa. The extracts did not showed inhibition for the bacteria tested. The immunomodulatory effects of the extracts obtained by the extraction with 308.15K and 3.0MPa showed a significant inhibitory effect on the alternative pathway (AP) in all concentrations tested (333–5.2μgmL−1), with at least 70% reduction in the AP-induced haemolysis when compared with the 100% haemolysis control without the use of the extract.