Winery waste (from red winemaking, variety Agiorgitiko) was extracted under various conditions using different solvents. The minimum time required for ensuring maximum extraction of phenols was 180 min at a solvent to sample ratio 9:1 v/w and at pH 1.5. The antioxidant activity of solvent extracts was investigated by DPPH radical scavenging method, by determination of peroxide value on virgin olive oil and by the Rancimat method on sunflower oil. Ethanol extract exhibited the highest antioxidant activity compared to the other solvent extracts, to synthetic food antioxidants BHT, ascorbyl palmitate and to the natural food antioxidant, vitamin E. No correlation was found between antioxidant activity and total phenol content. HPLC analysis of the extracts showed that gallic acid, catechin and epicatechin were the major phenolic compounds in winery waste. Hydroxytyrosol, tyrosol, cyanidin glycosides and various phenolic acids such as caffeic, syringic, vanillic, p-coumaric and o-coumaric acids were also identified.