Propolis is a substance with important biological activities, partly responsible for its number of bioactive compounds. It is commonly extracted with ethanol, but the resulting extract has several disadvantages. The present study aimed to evaluate the propolis extraction with canola oil as an alternative to the ethanol extract of propolis. The comparison of the extracts was made by their physical characteristics and functional properties. The oil extract showed a higher number of phenolic compounds, but a lower extraction yield. The alcoholic extract obtained an advantage in the content of flavonoids, antioxidant capacity by DPPH and FRAP. During the extracts shelf life, the alcoholic extract had a smaller loss of phenolic compounds. In the in vitro simulated gastrointestinal digestion, the oil extract had a greater release of phenolic compounds in the oral phase, while the alcoholic extract had a gradual release throughout the trial, reaching its maximum at the end of the intestinal phase. In FTIR it was possible to observe differences in the two extracts related to extracted compounds. Finally, it was observed that the propolis oil extract can be an alternative to the alcoholic extract, but it needs more studies that optimize the extraction of the bioactive compounds.