The fungal pigments are a good alternative to currently used synthetic colourants and / or natural colourants derived from plant materials. An extracellular red pigment producing fungus, Penicillium purpurogenum was isolated from soil collected from Parambikulam Tiger Reserve Forest, Kerala. In the present study antioxidant assays viz., Lipid peroxidation, hydroxyl radical and Nitric oxide radical scavenging assays were carried out with fungal red pigment. The pigment extracted from this fungus showed maximum inhibition of lipid peroxidation (30.15 %), hydroxyl  radical (74.92 %)  and nitric oxide radical scavenging activity (43.23%)  at 20 mg  ml-1 of pigment concentration. The red pigmentfrom  P. purpurogenum was separated by (TLC) yielding three major fractions, viz., Pinkish red, orange and yellow fractions. These fractions were further identified through Gas chromatography and Mass Spectrometry (GC-MS). The identification of the structure of the red pigment was detected using FT-IR spectra , and indicated that the presence of  phenolic and quinone compounds and has broad stretching OH,C=C and C-H groups of the aromatic ring.