The aim of this study was to investigate the utilization of clove bud extract (CBE) and grape seed extract (GSE) as natural antioxidants for retarding lipid and protein oxidation in silver carp fillets stored at 4 ± 1 °C. The results indicate that CBE exhibited higher total phenolic content, DPPH and Fe2+-chelating activity than GSE. GSE and a 20-times dilution of CBE were found to be effective in retarding lipid and protein oxidation; both treatments resulted in low levels of PV and TBA, and protected against the decrease of L∗, a∗, salt-soluble protein content and total sulfhydryl group. CBE20 more efficiently inhibited lipid oxidation than did GSE. The antioxidant effect of the two extracts on protein oxidation was less pronounced than the effect on lipid oxidation. CBE20 and GSE could be used as natural antioxidants to minimize lipid and protein oxidation and to extend shelf life of fillets.