Essential oils (EOs), the odorous and volatile products of a plant’s secondary metabolism, have wide applications in folk medicine, in food flavoring and preservation, and in fragrance industries. The aim of this study was to analyze the chemical composition of the EO from the aerial parts (including the inflorescences) of wild Teucrium luteum subsp. flavovirens from Tunisia. The EO obtained by the hydrodistillation of air-dried plant material in a Clevenger-type apparatus was analyzed using gas chromatography coupled with mass spectrometry (GC-MS). Fifty-three components representing 83.9% of the total constituents were identified. The EO of T. luteum subsp. flavovirens is characterized by the presence of β-elemol (7.2%), (+)-α-pinene (6%), β-eudesmol (5.5%), guaiol (4.2%), α-bisabolol (4.2%), and β-caryophyllene (4.1%) as principal chemical components. In vitro (DPPH and β-carotene bleaching assays), it showed significantly higher radical scavenging and antioxidant properties than the reference compound, BHT. To the best of our knowledge, this is the first report describing the composition and antioxidant properties of the EO from Tunisian T. luteum subsp. flavovirens. Our preliminary data will help to valorize this potentially useful plant species from Tunisia and represent a starting point for further studies on its volatile fraction.