The antioxidative activities of the water solution of crude extract from edible mushroom enokitake Flammulina velutipes were compared with those of ascorbic acid and ascorbic acid 6-palmitate in oil-in-water (O/W) emulsions of cod liver oil. Oxidation of the emulsions was carried out at 40 and $50^{circ}C$ in the dark. The antioxidant activities were measured by in vitro assay against oxygen uptake, 2-thiobarbituric acid value, hydroperoxide formation of the oils. Also, residual docosahexaenoic acid content was measured as indices of lipid oxidation. The cod liver oil in O/W emulsions with added enokitake crude extract (ECE) was significantly more stable against lipid oxidation than the control emulsions without the extract in terms of any oxidation indices used. Moreover, ECE provided remarkable antioxidative properties to eicosapentaenoic acid ethyl ester in emulsion system. These observations demonstrate that F. velutipes can be used as a natural antioxidant, which effectively prevents oxidation of polyunsaturated oils in emulsion system.