Phosvitin, an iron chelating protein in egg yolk, was measured for its ability to inhibit lipid oxidation in egg oil model system. Phosvitin(75$mu$M) could inhibit both iron(50∼150$mu$M) and copper(5∼15$mu$M) catalyzed oxidation of egg oil, and much more effective in the presence of iron than copper. The antioxidant activity of phosvitin in egg oil decreased with increasing temperature up to 121$^{C}$. But phosvitin was relatively heat stable maintaining 79 and 73% of its antioxidant activity after being heated for 6 min at 100$^{C}$ and 2 min at 121$^{C}$, respectively.