Arsenic (As) is a heavy toxic metalloid found in air, water and soil that adversely affects the plant growth by inducing oxidative stress in plants. Its contamination of rice is a serious problem throughout the world. Selenium (Se) is a beneficial micronutrient for plants that acts as an antioxidant at low doses and protect the plants against number of environmental stresses either by modulating the primary metabolic pathways or regulating the production of phenolic compounds. In the present investigation, effect of Se on different phenolics, enzymes related to their metabolism and antioxidative potential were studied in As stressed rice leaves. Rice plants were grown in pots containing sodium arsenate (2-10 mg As(V) kg soil) and sodium selenate (0.5-1 mg Se kg soil), both alone and in combination and leaf samples were analyzed for various biochemical parameters. Phenolic constituents increased in rice leaves with As(V) treatment from 2 to 5 mg kg soil and leaves exposed to As(V) @ 5 mg kg soil exhibited 1.7, 1.9 and 2.5 fold increase in total phenolics, o-dihydroxyphenols and flavonols, respectively at grain filling stage. Binary application of Se + As improved various phenolic constituents, FRAP, reducing power and antioxidant activities as compared to control. PAL, TAL and PPO activities increased from 1.3 to 4.6 fold in combined As + Se treatment at both the stages. Anthocyanin contents showed a decline (10.8 fold) with increasing As doses and its content improved at both the stages with maximum increase of 3.76 fold with As5+Se1 combination. Binary application of As + Se improved gallic acid, chlorogenic acid, 3-hydroxy benzoic acid and kaempferol contents than control whereas catechin and coumaric acid showed the reverse trend. Application of Se can modulate phenolic constituents in leaf and grains of rice Cv PR126 due to As stress that helped plants to adapt to excess As and resulted in improved plant growth.