An inexpensive natural antioxidant, tocotrienol rich fraction, prepared from crude rice bran oil, was developed for enriching the quality of mustard oil. DPPH assay of tocotrienol rich fraction showed that it possesses high antioxidant potential. Efficacy of tocotrienol rich fraction in retarding lipid peroxidation was studied by comparing acid value, iodine value, peroxide value, TBARS value, and fatty acid composition of crude mustard oil with and without TRF, stored under accelerated oxidation conditions, such as exposure to elevated temperature of 60°C, aerial oxygen, and UV radiation. The enhanced peroxidation under accelerated oxidation conditions was found to be retarded by tocotrienol rich fraction addition, thereby it increased the shelf life of the mustard oil by decelerating the process of lipid peroxidation.