Whey fat has a relatively high level of unsaturated fatty acids, and as such, whey products with a high fat content are vulnerable to oxidation. The purposes of the present study were to assess the oxidative development in whey fat concentrate (WFC) during production and investigate the effect of the addition of antioxidants. Green tea extract (GTE) or a mixture of ascorbyl palmitate and tocopherol (AP/TOC) were used, each in two concentrations. Samples were taken before and after pasteurization of WFC and after drying. The level of volatile oxidation products decreased during processing, while dityrosine concentrations increased during drying. GTE reduced oxidation in both unpasteurized and pasteurized WFC, while the effect of AP/TOC was nonsignificant. In the WFC powder, there was no significant effect of the antioxidants. In conclusion, results indicated that GTE was able to inhibit oxidation in WFC during production and that AP/TOC addition had no effect.