The present invention provides a synergistic phytochemical composition from Curcuma longa possessing analgesic and anti inflammatory activity used for management of chronic pain and treatment of osteoarthritis. The composition comprises Curcuma longa oil and Curcuma longa water extract. The relative amounts of these materials may be 0.5-5% by weight and 95-99.5% by weight respectively; and optionally pharmaceutically acceptable excipients.The present invention also provides a process for preparing the composition.