The purpose of this study was to investigate the antioxidative effects of Lycii fructus powder (LFP) solvent extracts and Maejakgwa made with LFP. The solvent extracts of LFP were added to soybean oil in the quantity of $0.05\%$. The solvents used were methanol, ethanol, ethyl acetate and petroleum ether. Soybean oil without the addition of LFP was used as a negative control. Soybean oil with $0.02\%$ butylated hydroxytolune (BHT) and $alpha$-tocopherol were used as positive controls. Each sample was stored at $50^{circ}C$ for 30 days. The oxidation level of these samples was determined by measuring the acid value, peroxide value and thiobarbituric acid (TBA) value. The oxidation level of solvent extracts of $0.05\%$ LFP was lower than both the negative control and $alpha$-tocopherol. Especially, methanol extract of $0.05\%$ LFP was the lowest. The methanol extract (320 min) and ethanol extract (316 min) demonstrated longer induction periods, compared to the control (253 min), $alpha$- tocopherol (255 min) and BHT (309 min) by Rancimat method. Acid value of Maejakgwa was increased during the storage time, but it was lower in Maejakgwa made with LFP than in the control group. Peroxide value was increased rapidly for 30 days and then decreased. TBA value was lower in Maejakgwa made with 3, 6, $9\%$ LFP than in those made with $15\%$ LFP and the control.