The present invention relates to a polyphenol enriched functional food composition with synergistically enhanced antioxidant, free radical scavenging and anti-mutagenic activities suitable as adjuvant therapy in the prevention of oxidative degeneration and in promotion of general human health and a method for preparation thereof. The composition comprises free radical scavenging effect of polyphenols enriched antioxidants derived from fruits of Protium serratum (Indian Red Pear, Family Burseraceae) and fruit pericarp of Punica granatum (Pomegranate, Family Lythraceae) fortified with ascorbic acid (vitamin C). The polyphenol enriched product is of significant importance for use as nutraceuticals, functional foods, designer or medical foods to provide protection against oxidative stress including protection of DNA damage caused by reactive oxygen species (ROS).