The objectives of the present work were (a) to extract the phenolic fraction from the peels of two Danish varieties of potatoes, viz. Sava and Bintje, and examine their antioxidant capacity in in-vitro systems (b) to evaluate the effect of these extracts on the storage stability of a fish- rapeseed oil mixture and oil-in-water emulsions. Multiple antioxidant activity of the potato peel extracts was evident from in-vitro systems as they showed strong reducing power, radical scavenging ability, ferrous ion chelating activity and prevented oxidation in a liposome model system. The Sava variety, which showed strong antioxidant activity in in-vitro systems, was tested in oil and oil-in- water emulsions. Ethanolic extracts of Sava (C1,600 mg/kg) prevented lipid oxidation in emulsions and in oil. Water extracts showed no antioxidant activity in oil whereas it showed pro-oxidant activity in emulsions. Thus, the results of the present study show the possibility of utilizing waste potato peel as a promising source of natural antioxidants for retarding lipid oxidation.