The antioxidant activities of aqueous extracts from four kinds of fish eggs were examined by determining the oxidative stability of polyunsaturated fatty acids (PUFAs) in salmon egg and soybean phosphatidylcholine (PC) liposomes. The extracts from salmon eggs, trout eggs, shark eggs, and herring eggs showed antioxidant activities on the oxidation of both PC liposomes. When trout egg extracts were further separated into low molecular components (MW<5000) and high molecular components (MW>5000), the activity of the former fraction was higher than that of the latter fraction, which was mainly composed of proteins. These results demonstrate that the aqueous antioxidants may be important for protecting fish eggs against oxidative stress.