The present invention relates to a potent antioxidant neuroprotective nutraceutical composition that comprises blending extract of Shilajit (250 to 500 mg) and folic acid (200 to 400 μg), together with small amounts of vitamins B6 (20 to 40 μg) and B12 (4 to 8 μg) consumed per day. This composition can be used to prevent and to treat neurodegenerative diseases or episodes of cognitive deterioration arising from various pathological conditions. The use thereof is indicated in the treatment of Alzheimer's disease and senile dementia as the pathological conditions preferably to be treated. The composition is suitable for direct human consumption by mouth, either in solid form as a powder or as a suspension of the extract, as a food additive or as a nutraceutical agent. It may be formulated as a nutraceutical agent to be included as an ingredient in beverages or as a drug in conjunction with permitted excipients.