The antioxidant activities of makgeolli and other alcoholic beverages were compared. Based on the same volume (70 μL eq.) of the alcoholic beverages, the 2,2′-azinobis (3-ethylbenzothiazoline-6-sulfonic acid ammonium salt) (ABTS+) radical-scavenging activities were as follows: whisky > makgeolli crude extract (MCE) > rice wine (RW) > clarified makgeolli (CM) > soju. Based on the same alcohol concentration (6%) of the alcoholic beverages, however, makgeolli showed the highest activity. In addition, based on the same volume (70 μL eq.), the inhibition effects against the formation of cholesteryl ester hydroperoxide (CE-OOH) were as follows: soju > whisky > RW > MCE > CM. Based on the same alcohol concentration (6%), however, the inhibition effects against the formation of CE-OOH were as follows: RW > MCE > soju > whisky > CM. Therefore, it was suggested that makgeolli may contain radical-scavenging- and metal-ion-chelate-type antioxidants and may increase the antioxidant activity in the blood.