It is well-known, that lipid antioxidants can retard the oxidative rancidity of foods caused by atmospheric oxidation, and thus protect oils, fats, and fat-soluble components from their quality degradation. In the last few years, much emphasis has been put on the promotion and use of natural antioxidants, commonly occurring in many fruits and vegetables and thereby produced from various natural extracts. This review gives a summary of previously reported work together with more recent trends in the field of natural antioxidants. Focus is given on the mechanism of actions and the inhibitory effect of certain vitamins against the oxidative degradation of oil-based systems. Moreover, the use of natural phenolics (flavonoids, olive-oil penolics, herb extracts etc.) as antioxidants in numerous lipid food applications is discussed.