Lipid oxidation is the most crucial quality parameter in foods. Many methods were developed to determine the level of oxidation and antioxidant activity. This review compares the methods used to determine lipid oxidation and antioxidant capacity in foods. Lipid oxidation methods developed are based on the direct or indirect measurement of produced primary or secondary oxidation substances. Peroxide values and conjugated diene methods determine the primary oxidative products of lipid oxidation and are commonly used for plant oils and high-fat products. 2-Thiobarbituric acid-reactive substances and chromatographic methods are used to determine the secondary products of oxidation and are suitable for meat and meat-based products. The fluorometric and sensory analyses are indirect methods. The antioxidant capacity of additives is determined indirectly using the lipid oxidation methods mentioned above or directly based on the free-radical scavenging activity of the antioxidant compounds. Each lipid oxidation and antioxidant capacity methods use different approaches, and one method cannot be used for all foods. Therefore, selecting proper methods for specific foods is essential for accurately evaluating lipid oxidation or antioxidant capacity.