Abstract: Background: Agricultural waste bioconversion aimed at producing fungal biomass is a highly attractive alternative because, besides resulting in products of commercial interest, it reduces the amount of waste thereby minimizing pollution. Materials and Methods: The present study was planned to investigate the antioxidant potential of fungi isolated from soil of different areas of Punjab, India. Screening of the fungal isolates for antioxidant activity was carried out by dot blot assay. Out of 120 fungal isolates, 51 of fungal isolates demonstrated antioxidant potential and 8 fungal strains with highest activity were further assayed quantitatively on different agro-residues (Wheat Straw (WS), Rice Straw (RS), Corn Cob (CC), Pea Pod (PP) and sugarcane baggases (SC)) by various assay procedures (DPPH assay, reducing power, ferrous ion and Nitric Oxide (NO) ion scavenging activity, ferric ion reducing antioxidant power (FRAP) assay). Total phenolic content was also estimated using Folins-Ciocalteau (FC) reagent. Results: All the eight fungal strains (Aspergillus fumigatus, Aspergillus terreus 1, Aspergillus terreus 2, Aspergillus wentii 1, Aspergillus wentii 2, Penicillium citrinum, Penicillium granulatum and Penicillium expansum) demonstrated good antioxidant activity assayed through various assay procedures and total phenolic content. All the agro-residues supported good antioxidant activity. Sugarcane baggases (SC) was the best substrate followed by Pea Pod (PP) for antioxidant activity. Conclusion: To the best of knowledge apparently this is the first systematic report on antioxidant activity of selected fungi. Agro-industrial residues can be reused for the production of different bioactive phenolic compound.