Basella alba L. (Basellaceae) is a popular leafy vegetable in the hot humid tropics of India. A lesser-known crop-wild variety, B. alba var. scandens, is equally palatable and is grown in rural areas in India and consumed locally. Besides nutritive values, B. alba has been reported to have many health-promoting properties such as—antidiabetic, hypolipidemic, and antioxidant. Methanolic leaf extracts of both cultivated and crop-wild variants of B. alba were subjected to GC-MS analysis, which revealed the presence of a plethora of bioactive phytochemicals, including secondary metabolites, some of which are believed to contribute to these properties. A total of 230 phytochemicals (including fatty acids and fatty acid derivatives, phenolics, terpenes and terpenoids, phytosterols, steroids, alkanes etc.) were identified, of which 72 were found to be present in both. A large number of phytochemical compounds were identified, with a wide range of pharmaceutical, medicinal, and nutritive properties. The therapeutic potential of B. alba, a herbal medicine, used to manage hyperglycemia and hyperlipidemia, was correlated with the phytochemical components present in its methanolic leaf extract, a correlation that has not yet been reported. Crop-wild variety appeared very competitive, even better than its cultivated relative, in terms of pharmaceutical and medicinal values, especially as antidiabetic and antihyperlipidemic agents.