Chemoprevention by natural products is an emerging therapeutic approach for free radical-mediated diseases including cancer. This is a consequence of its wide applicability and acceptance. In the present study, the antioxidant activity of the soybean extract (Isoflavin Beta®) and of formulations added with this extract were evaluated using stable free radical 2,2-diphenyl-1-pycrylhydrazyl (DPPH▪) and deoxyribose as well as the lipid peroxidation inhibition assays. For all the assays the extract showed a dose-dependent activity, and IC50 of 21.03 μg/mL in lipid peroxidation inhibition, 161.8 μg/mL in DPPH▪, and 33.5 ng/mL in hydroxyl radical scavenging assay. The antioxidant activity of the extract added in the formulations could not be assessed using the deoxyribose assay. However, the lipid peroxidation inhibition and DPPH▪ scavenging assays could be successfully applied for the antioxidant activity evaluation of the formulations added with soybean extract to protect the skin against free radicals, which can be generated by the ultraviolet radiation exposure.