Extracted kernel oil from dried Macadamia by aqueous method. Firstly, the basic physicochemical properties were analyzed, and then, the infrared characteristics, fatty acid, tocopherol, phospholipids, sterols of macadamia oil were analyzed by the method of IR, GC and HPLC, to determine the oxidation induction time and free radical scavenging capacity to evaluate the antioxidant capacity of macadamia nut oil. The results showed that the peroxide value, acid value, iodine value, saponification value, refractive index，moisture and volatile matter by aqueous extraction of macadamia nut oil were 0.59 mmoL/kg, 0.28 mg KOH/g, 74.21 g/100 g, 198.78 mg KOH/g, 1.466 8, 0.36%, respectively; the infrared spectrum shows that the macadamia nut oil has the characteristic absorption of the nut oil; fatty acid analysis revealed that the content of unsaturated fatty acid was 83.45%, of which the content of oleic acid and oleic acid were 17.25% and 61.44%, respectively; the content of the total phenolic and sterol were 31.87 and 55.51 mg/100 g, respectively, while phospholipids and tocopherol were not detected; the oxidation induction time of macadamia nut oil was 11.44 h, and the ability of free radical scavenging was 89.84%, which had good oxidation resistance.