Physicochemical characteristics, antioxidant capacity (AC), and sensory quality of rapeseed oils available on the Polish market were analyzed and compared. The fatty acid composition (saturated fatty acids = 6.91–7.58%, monounsaturated fatty acids = 64.14–66.14%, and polyunsaturated fatty acids = 27.22–30.17%), color (T420 = 54.5–83.8%), amounts of free fatty acids (0.02–0.07%), primary (PV = 0.04–2.04 meq O2 kg−1) and secondary (AV = 1.02–3.21) oxidation products, phosphorus (0.38–1.62 mg kg−1), chlorophyll (0.002–0.068 mg kg−1), and polycyclic aromatic hydrocarbons (Σ4PAH = 0.00–2.50 μg kg−1) in the commercial rapeseed oils meet the requirements of the European Food Regulation and Codex Alimentarius standards. Moreover, total phenolic content (TPC = 40.3–467.9 mg SA kg−1) in the studied oils significantly differs from each other. However, the AC of rapeseed oils was analyzed using the novel iron oxide nanoparticle‐based (IONP = 5552.1 − 18,510.2 μmol TE/100 g) method and the modified ferric reducing antioxidant power (FRAP = 55.7–280.3 μmol TE/100 g), cupric reducing AC (CUPRAC = 79.6–784.0 μmol TE/100 g), 2,2‐diphenyl‐1‐picrylhydrazyl (DPPH = 185.7–516.7 μmol TE/100 g), and 2,2′‐azinobis‐3‐ethylbenzothiazoline‐6‐sulfonic acid (ABTS = 465.6–2142.6 μmol TE/100 g) assays. Principal component analysis (PCA) and hierarchical cluster analysis (HCA) were applied for discrimination of the refined rapeseed oils based on fatty acid composition, physicochemical parameters, AC, and sensory properties.