This study was undertaken to evaluate the potential of fruit waste materials as source of natural antioxidant. The fruit peels including mango, guava and papaya peel were used in this study. The total phenolic content (TPC) was determined by Folin-Ciocalteu assay while antioxidant activities were determined by using ferric reducing antioxidant power (FRAP), 2,2-diphenyl-1-picrylhydrazyl (DPPH) free radical scavenging, ferric thiocynate (FTC) and thiobarbituric acid (TBA) assays. These antioxidant activities were compared to synthetic antioxidants, BHA/BHT combination and ascorbic acid. The results demonstrated that TPC ranged from 3.23 to 15.84 g GAE/100 g extract. Mango peels extract exhibited highest TPC compared to guava peel and papaya peel extract. In the FRAP assay, mango peel extract at 200 ppm, guava peel extract at 400 ppm and papaya peel extract at 1200 ppm, exhibited reducing power comparable to the permissible amount of BHA/BHT at 200 ppm. At concentration of 250 μg/ml, the DPPH radical scavenging activity of extracts and standards decreased significantly in the order of mango peel extract > guava peel extract > BHA/BHT > ascorbic acid > papaya peel extract. For the FTC assay, the antioxidant activity of mango peel extract was significantly higher than ascorbic acid, guava peel and papaya peel extract but lower than BHA/BHT while in the TBA assay, percentage inhibition of BHA/BHT and ascorbic acid were found to be higher than fruit peel extracts. The quantitative analysis for flavonoids showed the presence of catechin, epicatechin and kaempferol in the peel extracts.