Officers recovered the drugs on Friday as they executed a warrant under the Misuse of Drugs Act.
Around 100,000 diazepam tablets were recovered along with four kilos of cannabis.
A 33-year-old man was arrested and has appeared at Edinburgh Sheriff Court.
In a separate incident, officers also recovered cannabis with a street value worth up to £690 and more than £30,000 in cash from a property in West Pilton Drive.
The discovery was made as police executed a warrant under the Misuse of Drugs Act resulting in the arrest of a 51-year-old man and a 42-year-old woman who appeared at Edinburgh Sheriff Court yesterday.
Detective Inspector Stuart Harkness said: “Officers acting on intelligence were able to target both properties and remove a significant quantity of controlled drugs from our streets.
“Police Scotland remains committed to tracing those involved in the supply of controlled drugs that cause harm to communities across the country.
“Anyone with any information that can assist with our ongoing enquiries should make it known so we can assess and continue to target those involved in Serious and Organised Crime and other offending in your neighbourhood.
“I would encourage anyone to report criminal activity in their area by contacting police on 101 or anonymously through the charity Crimestoppers on 0800 555 111.”