The objective of this study was to evaluate the effect of fermentation time on the antioxidant activity of tempeh, a fermented product from soybean. Rhizopus oligosporus was used to ferment soybean for 0, 1, 2, 5 and 10 days. Lyophilised tempeh powder was extracted with hexane followed by petroleum ether, ether, 95% ethanol and water. Antioxidant activities of the extracts were evaluated with various models including alpha,alpha-diphenyl-beta-pricryl-hydrazyl (DPPH) and superoxide-scavenging activities, reducing power and inhibitory activity towards lipid peroxidation. The results revealed that tempeh showed greater antioxidant activities than unfermented soybean. On behalf of a DPPH scavenger, water extracts were as good as 95% ethanol extracts. In comparison of superoxide anion-scavenging activity, inhibition of lipid peroxidation and reducing power, 95% ethanol extracts were superior to water extracts. Tempeh fermented with R. oligosporus for 10 days exhibited the highest antioxidant activities than the others.