The effect of adding different concentrations (0.01%, 0.02%, 0.03%, 0.07% and 0.14%) of ethanol extract of pomegranate peel (EEPP) on the oxidative stability of frying oil and the content of acrylamide (AA) during the deep frying of French fries were studied in this work. The results showed that EEPP exhibited a high inhibition rate against 2,2-diphenyl-1-picrylhydrazyl (DPPH) (20%–97%), 2,2’-azinobis(3-ethylbenzothiazoline-6-sulphonic acid) (ABTS) radical cation (16%–91%) and ferric reducing power (0.3–8.24 mmol/g), and had a total phenol content of 20.14 mg/g. Addition of 0.14% EEPP was the most effective in delaying the increase in acid value (AV), peroxide value (POV), and total polar component content in frying oil, indicating the highest oxidation stability. Moreover, at this concentration, a good inhibitory effect on AA in French fries and frying oil (with inhibition rate of up to 83%) was also observed. Therefore, EEPP has the potential as a novel antioxidant to delay the oxidation process of frying oil and effectively inhibit the production of AA during the processing of French fries to ensure food safety.