The effect of frying oil on the lipid oxidation, antioxidants, and in vitro antioxidant activity of gim bugak was studied. Bugak was prepared by pan-frying at 180 °C in unroasted sesame, soybean, extra virgin olive, or palm oil. The degree of lipid oxidation based on conjugated dienoic acid and -anisidine values was higher in the bugak fried in soybean or sesame oil with high contents of polyunsaturated fatty acids and tocopherols. However, the oil oxidation was lower in olive and palm oils, which showed higher degradation of tocopherols and polyphenols than in sesame or soybean oil during frying. Although the bugak fried in palm oil contained less antioxidants than that fried in soybean or sesame oil, the in vitro antioxidant activity was not different ( > 0.05). Results suggest that palm oil can replace unroasted sesame oil for the preparation of gim bugak with improved lipid oxidative stability and health functionality.