A spectrophotometric iodine method was developed to determine peroxide values (POV) of phospholipids. The amount of iodine liberated from iodide by oxidation with the peroxide was determined from absorbance at 360 nm, and POV calculated from absorbance. Deviation in absorbance data due to air oxidation of excess iodide was made minimal by reducing the added volume of potassium iodide solution to 10μL and by conducting a blank experiment at the same time. By this method POV can be easily determined using a small amount of sample, general glasswares, reagents, and spectrophotometer. Good agreement was obtained between POV obtained by this and the JOCS method.