Laoying Tea, leaves of Litsea coreana L., is conventionally consumed as healthy tea beverage in southern China for hundreds of years. The ethanolic, cold water and hot water extracts were prepared and their antioxidant properties studied. At 160 µg/mL, the cold water extract showed a high reducing power of 1.056. With regard to the scavenging ability on 1,1-diphenyl-2-picrylhydrazyl radicals, extracts were effective in the order: ethanolic > cold water > hot water extracts. EC50 values for chelating ability on ferrous ions for ethanolic, cold water and hot water extracts were 10.23, 0.85 and 1.12 mg/mL, respectively. Total phenols were the major naturally occurring antioxidant components found and were in the order: cold water > hot water > ethanolic extracts. Based on EC50 values, the various extracts from laoying tea were effective antioxidants.