The aim of the present study was to determine the content of phenolics, flavonoids and tannins, as well as the biological functions of propolis extracts from the stingless bee (Heterotrigona itama). The raw propolis was extracted via maceration with ultrasonic pretreatment in 100% water and 20% ethanol. The yield of ethanolic propolis extracts was about 1% higher than its aqueous counterpart. The colorimetric assays showed that the ethanolic propolis extract had about two times higher phenolics (17.043 mg GAE/g) and tannins (5.411 mg GAE/g), and four times higher flavonoids (0.83 mg QE/g). The higher phenolic content had enhanced the antiradical and antibacterial capacities of the ethanolic extract. The propolis extracts significantly exhibited higher antibacterial activity against gram-positive bacteria (Staphylococcus aureus) than gram-negative bacteria (Escherichia coli and Pseudomonas aeruginosa). However, aqueous extract was found to have a higher anticancer property based on the viability of lung cancer cells. No cytotoxic effect was observed on normal lung cells as the cell viability was maintained >50%, even the concentration of propolis extracts were increased up to 800 µg/mL. Different chemical compositions of propolis extract would show different bioactivities depending upon the individual applications. The high content of phenolics suggests that the propolis extract could be a natural source of bioactive ingredients for the development of innovative and functional foods.