The present invention relates to a process of preparing a food supplement composition consisting essentially of a mixture of synergistically supporting extracts of red seaweeds and brown seaweed with antioxidant and anti-inflammatory properties and process of preparation thereof. The red seaweed extract is a combination of Gelidiella acerosa, Jania rubens and Acanthophora specifera extracts and brown seaweed extract is a combination of Turbinaria conoides, Turbinaria ornata, Sargassum longifolium and Spathoglossum asperum extracts. The food supplement composition contains a higher amount of total phenolic content (TPC) , antioxidant activity (ABTS) - 2,2"-azino-bis-3ethylbenzothiozoline-6-sulfonic acid diammonium salt, free radical scavenging activity of stable radicals (DPPH) -1,1-diphenyl-2-picryl-hydrazil hydroxyl radical scavenging ability of short lived radicals, scavenging of hydrogen peroxide, reducing ability, metal ion chelating ability, and reduced lipid peroxidation ability - TBARS - thiobarbituric acid-reactive substances compared to the corresponding levels of brown seaweeds and red sea weeds.