Fungal isolates (Aspergillus wentii 1, A. wentii 2, Penicillium citrinum, Penicillium granulatum) were selected to study their in vitro antioxidant potential by various assay procedures. Czapek-Dox's medium was selected for the growth of fungi as it supported the best antioxidant activity based on their EC(50) values, P. citrinum was the best followed by P. granulatum, A. wentii 1, and A. wentii 2. The chromatographic analyses showed several compounds possessing antioxidant activity in the fungal extracts. Two such compounds were partially purified from P. citrinum which demonstrated potent antioxidant activity, equally effective or better than some of the standard antioxidants.