The underlying mechanism(s) behind the potential carcinogenicity of processed meat is a popular research subject of which the lipid oxidation is a common suspect. Different formulations and cooking parameters of a processed meat product were evaluated for their capacity to induce lipid oxidation. Meatballs made of beef or pork, containing different concentrations of fat (10 or 20 g 100 g−1), salt (2 or 4 g 100 g−1), subjected to differing cooking types (pan or deep frying), and storage times (1, 7, and 14 days), were evaluated using thiobarbituric reactive substances (TBARS). The deep-fried meatball type most susceptible to oxidation was used as the model meat product for testing the lipid oxidation inhibiting capacity of 11 plant materials and extracts, in two concentrations (100 and 200 mg kg−1 gallic acid equivalent (GAE)), measured after 14 days of storage using TBARS. Summer savory lyophilized powder was the most efficient plant material, lowering lipid oxidation to 13.8% and 21.8% at the 200 and 100 mg kg−1 concentration, respectively, followed by a sea buckthorn leaf extract, lowering lipid oxidation to 22.9% at 100 mg kg−1, compared to the meatball without added antioxidants. The lipid oxidation was thus successfully reduced using these natural antioxidants.