Peroxide value (POV) of the oils at low oxidation levels is difficult to be determined by the standard iodine titration method. Hydroperoxides of triglycerides showed a polarographic wave at -0.6 V. The POV of highly oxidized oil was easily determined by iodine titration method. Such a highly oxidized oil was diluted with benzene and was used as the standard solution for determining a polarographic calibration curve. The wave height was proportional to hydroperoxide concentration. The POV of an uncharacterized sample was obtained by reading the wave height on the calibration curve. This simplified polarographic method is considered to be useful for the determination of POV at low levels of lipid oxidation.