Antioxidants are compounds that are used to enhance shelf life and preserve the quality of fats and oils and lipid‐containing foods by suppressing oxidation reactions of their unsaturated components. These compounds could be naturally present, deliberately added, or generated during processing. Antioxidants are needed in small quantities to participate or interfere in the lipid autoxidation reaction cascade via various mechanisms. They should be easy to handle and use, cost‐effective, and readily available. Antioxidants should not impart any undesirable flavor, odor, or color to the food; they should be stable and safe for use in food. Application of these antioxidants differs depending on the nature of the food, conditions of intended processing, desired shelf life, and storage. However, antioxidants that are deliberately added to foods are thoroughly scrutinized for their safety and toxicology aspects. Their usage in food is regulated under different legislatures in various countries. This article examines the purpose of antioxidant use, chemistry of antioxidant activity, and naturally derived and synthetic compounds that exert antioxidative activity in foods, as well as the relevant technological, toxicological, and regulatory considerations.