Bio-oil obtained from biomass pyrolysis has great potential for several applications after being upgraded and refined. This study established a method for separating bio-oil into different fractions based on polarity and molecular size to extract phenolic and polyphenolic compounds with antioxidant properties. The fractions were analyzed using various spectroscopic and chromatographic techniques, such as GC/MS, FTIR, UV-vis, SEC, DOSY-NMR, 13C-NMR, and 31P-NMR. The antioxidant properties of these fractions were tested by examining their ability to improve the oxidative stability of biodiesel. The results strongly connected the bio-oil's chemical functionalities and antioxidant power. During solvent fractionation, dichloromethane could extract phenolic structures, which were subsequently size-fractionated. The subfractions with lower molecular weight (in the order of monomers and dimers) outperformed the antioxidant potential of the crude bio-oil. Heavier subfractions from dichloromethane extraction did not show good antioxidant abilities, which was related to the low hydroxy group content. After solvent extraction, phenolic oligomers remained in the water-insoluble/dichloromethane-insoluble fraction, which showed good antioxidant potential despite its low solubility in biodiesel.