2M D-glucose and 2M D-glucose with 0.4M citric acid were heated at 100℃ for 12, 24, 48hours. The color intensity of these browning reaction products and the fractionated materials by Sephadex G-15 were measured as absorbance at 490nm with a spectrophotometer. The control (soybean oil) and the soybean oil substrates containing equal amounts of ethanol extracts taken from each fraction group were stored at 40.0±1.0℃ in an incubator for 30 days Antioxidant activities of browning reaction products determined by peroxide value and TBA value the soybean oil. The results were as follows. 1. According to increase heating time and to add citric acid, color intensity was increased. Color intensity of Fraction II (fraction 10∼18 high molecular weight) was higher than other fraction group, especially Fraction II of sample F (glucose with citric acid, heated at 100℃ for 48hours) was the highiest. 2. All of the fractionated material was showed antioxidannt effect but Fraction I (high molecular weight) was more oxidized than the control Fraction IV, V (fraction 28∼45; low molecular weight) was showed the highiest antioxidant effect.