Food products containing lipids, especially unsaturated fatty acids, are prone to oxidation reactions, which lead to the formation of off-flavor, due to side-reaction products that potentially have toxic effects and reduce shelf-life. The Maillard reaction products (MRPs) are widely produced in foods containing reducing sugars and amino-bearing compounds during thermal processing and storage. MRPs possess excellent antioxidant ability in many food products, through chelation of metal ions, breakdown of radical chains and hydrogen peroxide, and scavenging of reactive oxygen species. This review presents an overview of the antioxidant activity of MRPs in model and real food systems. It also provides the pros and cons of the Maillard reaction, some available antioxidant assays to evaluate the antioxidative ability of MRPs, and parameters influencing their functional properties. In addition, metal chelation-based antibrowning ability of MRPs to inhibit the enzymatic browning reaction in fruits and vegetables is discussed.