Essential oil and oleoresins (ethanol and ethyl acetate) of Piper nigrum were extracted by using Clevenger and Soxhlet apparatus, respectively. GC-MS analysis of pepper essential oil showed the presence of 54 components representing about 96.6% of the total weight. beta-Caryophylline (29.9%) was found as the major component along with limonene (13.2%), beta-pinene (7.9%), sabinene (5.9%), and several other minor components. The major component of both ethanol and ethyl acetate oleoresins was found to contain piperine (63.9 and 39.0%), with many other components in lesser amounts. The antioxidant activities of essential oil and oleoresins were evaluated against mustard oil by peroxide, p-anisidine, and thiobarbituric acid. Both the oil and oleoresins showed strong antioxidant activity in comparison with butylated hydroxyanisole (BHA) and butylated hydroxytoluene (BHT) but lower than that of propyl gallate (PG). In addition, their inhibitory action by FTC method, scavenging capacity by DPPH (2,2'-diphenyl-1-picrylhydrazyl radical), and reducing power were also determined, proving the strong antioxidant capacity of both the essential oil and oleoresins of pepper.