As a critical and prevalent source of functional edible oils, woody oil plants with by-products that contain numerous accessible nutrients are widely farmed around the world. Researches on the peptide from plants have attracted the scientists’ interest in recent years. Novel antioxidant peptides from woody oil plant by-products were discovered, and the antioxidant properties in vitro, in vivo and in silico have been conducted. The species origin, manufacturing and purification processes, biological function researches of antioxidant peptides of woody oil plant by-products were described and refined in this review, which also demonstrated a potential mechanism combining antioxidant peptide intrinsic characteristics and activity screening. Moreover, this paper revealed their prospective role in the fields of medicinal agents, nutraceuticals and cosmetics.