<jats:title>Abstract</jats:title><jats:p>Extracts of three species of eucalyptus leaves (<jats:italic>Eucalyptus polyanthemos</jats:italic> Schauer, <jats:italic>E globulus</jats:italic> Labill and <jats:italic>E perriniana</jats:italic>) and their major volatile components were assessed for antioxidant activity in two different assays. The inhibitory effect of each extract and its components towards aldehyde/carboxylic acid conversion was measured over a period of 30 days. Their inhibitory effects towards malonaldehyde formation from lipid by oxidation with Fenton's reagent were also measured; the extract from <jats:italic>E polyanthemos</jats:italic> inhibited the oxidation of hexanal completely for 30 days at a level of 200 and 500 µg ml<jats:sup>−1</jats:sup>. It also inhibited malonaldehyde (MA) formation in cod liver oil by 86% at the 160 µg ml<jats:sup>−1</jats:sup> level. At the 500 µg ml<jats:sup>−1</jats:sup> level, thymol, 1,8‐cineole, benzyl alcohol and terpinen‐4‐ol identified in the extract from <jats:italic>E polyanthemos</jats:italic> reduced the extent of hexanal oxidation over a period of 30 days by 100, 96, 82 and 75% respectively. In the lipid/MA assay, thymol, benzyl alcohol, terpinen‐4‐ol and 1,8‐cineole inhibited MA formation by 80, 63, 58 and 26% respectively at the level of 160 µg ml<jats:sup>−1</jats:sup>. Thymol exhibited potent antioxidant activity comparable to that of the known natural antioxidant α‐tocopherol.<jats:p>© 2001 Society of Chemical Industry