The antioxidants activities in water and 95% ethanol extracts of wa-song (Orostachys japonicus A. Berger) dried by sun, hot air and lyophilization were measured in vitro reaction system. In reaction system containing linoleic acid, the antioxidant activities against lipid oxidation enhanced in proportion to storage time. The antioxidant activity of ethanol extracts was higher than that of water extracts. In the drying methods, wa-song extracts showed higher antioxidant activity in the other of hot air-dried, lyophilized and sun-dried. The lipid oxidation system containing the promoting factors, such as $Fe^{+2}$ and $Cu^{+2}$ions, also showed that the ethanol extract of hot air-dried wa-song possessed the highest antioxidant activity. Soybean oil and lard being added with various levels (0.1, 0.5 and 1.0 g/100 g) of the ethanol extract of hot air-dried wa-song were stored at $60^{circ}C$ (for 28 days) or $180^{circ}C$ (for 48 hr). Its extract appeared to lower the acid value of soybean oil, wheras it failed to lower the acid value for lard at early storage time, but it was lower than control and BHT after 28 days. Anicidine value and peroxide value were lower soybean and lard added wa-song extract than control and BHT for storage for 28 days at $60^{circ}C$. In 28 days, its value was significantly decreased in proportion to sample concentration. TBA value was increased during storage time at $60^{circ}C$, but it was significantly decreased by sample concentration after storage 36 hours at $180^{circ}C$ storage. Therefore results suggest ethanol extract of hot air-dried wa-song could be potential candidates for natural antioxidants for materials containing lipid.