The purpose of this study is to prepare black Panax ginseng leaf (PGL) and evaluate its antioxidative effect. In order to make black PGL, the raw PGL was successiely steamed at $95^{circ}C$ for 3 hr nine times. The antioxidant activities of total saponins (Sa) from PGL and black PGL against peroxyl radicals and peroxynitrites were determined by the total oxy-radical scavenging capacity (TOSC) assay. Specific TOSC values for black PGL-Sa against peroxyl radicals and peroxynitrites were 2.3-fold and 2.1-fold of PGL-Sa, respectively, and 2.2-fold and 5.2-fold of glutathione, a positive control antioxidant, respectively. The black PGL-Sa exhibited stronger antioxidative effect than PGL-Sa. The main ginsenosides of black PGL were $Rg_3,;Rk_1;and;Rg_5$. Among the saponins in black PGL, the amount of ginsenoside $Rg_3$ was examined by HPLC. 22.12 mg of ginsenoside $Rg_3$ was obtained from 1g of dried black PGL.