Commercial blends of natural antioxidants,viz., tocopherol concentrates, rosemary extracts, sage extracts, and lecithins, were tested for their ability to stabilize cod liver oil. The antioxidants were tested by using the Rancimat apparatus at 80°C and by a method based on hypochlorite‐activated chemiluminescence analysis of samples stored at 35°C for 24 h in light. In addition, a stability study at 5°C in the dark for 8 wk, under conditions realistic for normal consumption of cod liver oil was carried out. A low correlation (r=0.339) was found between Rancimat induction times and chemiluminescence data for the sixteen antioxidant systems tested, probably due to temperature differences, and different ways of detecting oxidation products. Based on Rancimat induction times, δ‐tocopherol‐rich antioxidants and lecithin had the best stabilizing effect. However, based on the chemiluminescence method, the tocopherols acted as prooxidants, while tocopherols with lecithin increased the stability. Both Racimat and chemiluminescence data showed stabilizing effects with rosemary and sage extracts, but no synergistic effect between the herbal extracts and lecithin or tocopherol was observed. Analyses of oil aged at 5°C for 8 wk showed the highest stability for cod liver oil containing rose‐mary extracts. The tocopherol mixtures showed only a minor effect on the stability. Ranking of antioxidants varied considerably depending on the method used, and increasing the temperature seemed to decrease the usefulness of the method. Antioxidant evaluation has to be done by using as many evaluation methods as possible under conditions relevant for normal storage and use.