The present invention relates to a method of preventing or reducing oxidation of a frying oil during frying. The method involves adding a terpene ester compound, including a terpenol esterified to a fatty acid, to a frying oil under conditions effective to prevent or reduce oxidation of the frying oil during frying. Also disclosed are frying oil compositions containing a frying oil and a terpene ester compound including a terpenol esterified to a fatty acid, as well as food products fried with such frying oil compositions.