The aim of this study was to examine the antioxidant activities of Physalis peruviana L. (Solanaceae) aqueous extract (PPWE) and its protective effect against acetaminophen (APAP)-induced hepatotoxicity in rats. Using different models of antioxidant assay, namely ferric thiocyanate, 2,2-diphenyl-1-picrylhydrazyl (DPPH), and reducing power, PPWE showed a dose-dependent increase in antioxidant activities, with total antioxidant activity (IC 50 : 0.81 µg/ml) close to that of vitamin C (IC 50 : 0.89 µg/ml). APAP at 850 mg/kg significantly increased the levels of serum glutamic pyruvic transaminase (sGPT), glutamic oxaloacetic transaminase (sGOT) and alkaline phosphatase (sALP). However, pre-treatment with PPWE at doses150, 300, and 600 mg/kg body weight significantly prevented the increase in these enzymes, which are the major indicators of liver hepatitis. Biochemical assays of liver homogenate showed that PPWE at 150∼600 mg/kg significantly enhanced superoxide dismutase (SOD), catalase (CAT), glutathione peroxidase (GPx) concentrations, and diminished the level of thiobarbituric acid reactive substances (TBARS). Furthermore, liver histological observation also showed an obvious amelioration in the liver cell necrosis, liver lesion, and fatty changes in PP-treated groups. High performance liquid chromatographic analysis showed that ellagic acid (ca. 0.2%) but not others could be the major component contributing to the antioxidant and hepatoprotective activities of PPWE. The present study concludes that PPWE possesses antioxidant activity and potent hepatoprotective effect against APAP-induced liver injury in rats.