Capsicum oleoresin is the ethanolic extract of Capsicum annuum L., which contains mainly capsaicinoids (capsaicin, dihydrocapsaicin, nor-dihydrocapsaicin), volatile oil, and fixed oil. It is the ingredient for some capsicum formulations. The objective of this research was to study the degradation conditions of capsicum oleoresin. The content of capsaicin was evaluated using a reversed-phase HPLC. The capsaicinoid profile was also determined. The results showed that the oxidation condition decreased the capsaicin content dramatically as compared to the control sample. Therefore, the process after extraction and storage condition including packaging should be considered to prolong the major components in capsicum oleoresin.