The bioactive compound and antioxidant property of Korean yam (Dioscorea batatas DECNE.) were studied using in vitro methods. Yam available in Korea was analyzed for lycopene, chlorophyll a, b, tannin, phytic acid and total saponin contents. 70% Methanol, 70% ethanol and chloroform–methanol mixture (CM, 2:1, v/v) were used to extract yam. Then the antioxidant activity evaluated through ferrous ion chelating activity, β-carotene bleaching method, lipid peroxidation inhibition and nitric oxide (NO) radical scavenging activity. 70% Methanol extract showed the highest ferrous ion chelating activity and NO radical scavenging activity. And CM extract was the most effective in inhibition of linoleic acid peroxidation evaluated by β-carotene bleaching assay and lipid peroxidation inhibition assay. Based on the results obtained, yam is a potential active ingredient that could be applied in antioxidation as well as bio-health functional food to take a good part in prevention of human diseases and aging.