The chemical composition of the essential oil obtained by steam distillation of the floral calyces of Ocotea bofo Kunth (Lauraceae) was studied by means of GC, GC-MS, and 1H, 13C, and bidimensional NMR (COSY, HSQC, HMBC). Twenty-five constituents were identified, and estragole (48.7%), alpha-phellandrene (19.6%) and sabinene (10.4%) were found to be the major components. Antimicrobial activity against six aerobic bacteria and five yeasts and antioxidant activity performed by photochemiluminescence (PCL), 1,1-diphenyl-2-picrylhydrazyl (DPPH), and beta-carotene bleaching assays are reported. The oil showed fair inhibiting properties against bacteria and a good inhibition against most yeasts. Its radical scavenging and chain-breaking antioxidant properties were comparable to or better than those provided by synthetic controls. Particular emphasis has been given to the use of NMR as a fast and reliable tool to discriminate O. bofo essential oil from other commercial anethole- and estragole-rich oils, namely, Illicium verum, Foeniculum vulgare, and Artemisia dracunculus.