Oxidation of high-density polyethylene containing strong phenolic antioxidant 2,2′-methylene-bis(4-methyl-6-tertbutyl-phenol) has been studied. During the induction period the antioxidant is consumed according to first kinetical order with the rate constant depending on the initial antioxidant concentration. During the induction period about three moles of O2 are consumed per one mole of antioxidant. The formation of hydrogen peroxide in induction period of oxidation has been established. The mechanism of inhibited oxidation is discussed.