There are great interests in searching for natural compound, preferably from plant sources, exhibiting antioxidant activity in order to decrease/eliminate use of the synthetic antioxidants. Hulls from two most prominent varieties of Iran's Pistachio have been examined for the presence of components showing antioxidant activity. The polyphenolics yields of the different solvent extracts (ethanol, methanol, and aqueous solutions of these two) were measured using the Folin method. The methanol extract of Damghan hulls had higher amount of total phenolics as compared to that of the ethanolic extract. Although, recovery of the total phenolics from ethanolic and methanolic extract of hulls of Kerman pistachio, showed to be comparable. The highest yield of phenolics from Damghan variety using aqueous solution of ethanol (50:50(H2O)) was 28.8mg per g of the dried pistachio hulls. While the yield of the ethanolic (75:25(H2O)) extract from Kerman's pistachio hulls was 19.8 mg per g dried pistachio hulls. The extraction was carried out in the form of four successive steps, and the extracts were pooled to obtain an estimation of the total extractable phenolics. Thiocyanate assay was used to assess the degree of the antioxidative activities of the extracts. The aqueous ethanolic (75:25 EtOH-H2O) extract for both of the pistachio varieties showed to have highest degree of inhibition of linoleic peroxidation at the levels of 93 and 99% respectively, very comparable with that of the synthetic type of antioxidant BHA. Hplc analysis revealed presence of gallic acid in the above-mentioned extracts. Percentage (%) of gallic acid in the recovered phenolics from the extracts was 79 and 82 for Damghan and Kerman varieties, respectively.