Ethanol (S-EtOH) and hot water (S-HW) extracts of sage (Salvia officinalis L.), a herb, were prepared and their antioxidant activities were evaluated in bulk oil and oil-in-water (O/W) emulsion matrices. Generally, S-HW had significantly higher antioxidant activity than S-EtOH (P<0.05). The 2,2-azino-bis-3-ethylbenzothiazoline-6-sulphonic acid (ABTS) cation radical scavenging activity, total polyphenol content, and ferric reducing antioxidant power reducing power of S-HW were 67.5, 42.6, and 54.5%, respectively, higher than those of S-EtOH. S-EtOH showed a higher antioxidant activity in the bulk oil matrix than S-HW while both extracts retarded the rates of lipid oxidation in the O/W emulsion matrix when compared with samples without the addition of the extracts. The sage extract can be a functional food material when added to oils and fats in processed foods due to its high antioxidant activity. Depending on the matrices and methods, the same extract showed different antioxidant activities, which suggests that the antioxidant properties of natural extracts should be evaluated in real bio-matrices.