The autoxidation of linoleic acid dispersed in an aqueous media and the antioxidant effect of hydroxytyrosol, oleuropein, caffeic acid and tyrosol were studied. Linoleic acid autoxidation rate was estimated by the increase of conjugated diene level and by the decrease of linoleic acid content in the samples. The phenolic compounds exhibited an antioxidant activity which increased in the order: tyrosol < caffeic acid < oleuropein < hydroxytyrosol. The analysis of the hydroperoxide isomers pointed out that hydroxytyrosol, oleuropein and caffeic acid at a concentration of 10 −4 M inhibited the formation of trans‐ trans isomers in the increasing order: caffeic acid < oleuropein < hydroxytyrosol. This inhibition could be related to the ability of phenolic compounds to scavenge peroxyl radical. Tyrosol did not inhibit the formation of transtrans isomers. Phenolic compounds were degraded as a consequence of their antioxidant activity and their degradation rate was positively correlated to their antioxidant efficacy. These phenolic compounds, at a concentration of 6 × 10 −3 M, also scavenged hydroxyl radical, with an efficiency which increased in the order: tyrosol < hydroxytyrosol < oleuropein < caffeic acid. Polar substituents at the para position, such as in caffeic acid and oleuropein, were correlated with higher hydroxyl radical quenching ability.