The invention discloses a papaya anti-oxidant serum, which comprises cyclodextrin inclusion compound of pawpaw natural antioxidant and carriers accepted in pharmacy. The papaya anti-oxidant serum consists of enzymolysis water extract and alcohol extract of the papaya, in which vitamin C and polyphenols are contained. Vitamin C contained in papaya anti-oxidant serum is no less than 2 milligram per gram, and the total polyphenols calculated in gallic acid is no less than 22 milligram. Therefore, the papaya anti-oxidant serum has the characteristics of high efficiency, durability and stable inoxidizability and easy storage and carrying, can be served as health food to eat, can used as cosmetics, animal food, food or medical mediate, and further can used for preparing antioxidation products; the invention also discloses a preparation method for the papaya anti-oxidant serum, which comprises seven steps of pulping, enzyme digestion, filtering, alcohol extraction, concentration, inclusion and pelletization, so as to be a system for efficiently, sufficiently and completely extracting papaya anti-oxidant, and the antioxidative activity can be effectively preserved.