Green propolis presents a potential source of bioactive compounds, responsible for its antioxidant capacity. The effects of ethanol concentration, solid-solvent ratio, and extraction time were evaluated in regard to the total phenolic content (TPC) and antioxidant capacity of the extracts by the use of central composite rotatable designs. Optimum extraction conditions lead to significant reduction of extraction time compared to conventional extraction methods. Under optimum conditions, extracts were composed of 1614.80 mg GAE. g−1 and 807 mg artepillin C. g−1. Extracts were effective in retarding the oxidation in oil-in-water emulsions subjected to accelerated tests. Green propolis extracts (up to 200 mg.kg−1) did not increase Saccharomyces cerevisiae cell damage after 4 h of exposure, indicating its antioxidant effect and potential innocuity. Results demonstrated the antioxidant properties of the propolis extract was similar or better than the ones from synthetic antioxidants and warrant further investigation to determine its potential industrial application.