Lignin is an abundant plant polymer usually regarded as waste material. In the present work, antioxidant properties of lignin preparations with differing lipid solubility were studied using biodiesel as a convenient lipid test substrate. In place of formerly used assays, we used attenuated total reflectance (ATR) FT-IR spectroscopy to follow in situ biodiesel autoxidation on a heated ATR crystal as a function of time. The study demonstrates that a complex balance between intrinsic (chemical) efficiency, solubility, and particle formation controls the antioxidant efficiency of differently prepared lignin fractions. It was found that solubility and particle formation of lignin preparations strongly modulate its antioxidant efficiency and that these properties might depend on the presence of lipid components within the original lignin source.