Myrtus communis Linn., an aromatic shrub widely distributed in Mediterranean littoral, is traditionally used as a culinary herb and for manufacturing of the local Sardinian liquor, Mirto. In this study, the potential for developing M. communis into a functional food to treat type-2-diabetes (T2D) was investigated. Antidiabetic constituents in crude defatted chloroform extract of M. communis was pinpointed by dual high-resolution PTP1B and α-glucosidase inhibition profiling. Subsequent analytical-scale HPLC separation led to isolation and identification of 14 triterpenoids and three phloroglucinol derivatives associated with PTP1B and/or α-glucosidase inhibitory activity with IC50 values in the range of 8.9-69.4 μM and 34.3-88.5 μM, respectively. We also report three previously undescribed phloroglucinol derivatives. This is the first report of PTP1B inhibitors in M. communis, and the identification of both PTP1B and α-glucosidase inhibitors, demonstrates the potential of M. communis as a bifunctional food for management of TD2.