Cinnamomum zeylanicum Blume is an important spice and aromatic crop having wide applications in flavoring, perfumery, beverages, and medicines. The steam-distilled volatile oil from cinnamon fruit stalks was analyzed with GC and GC-MS. It showed the presence of hydrocarbons (44.7%) and oxygenated compounds (52.6%). Twenty-seven compounds constituting ca. 95.98% of the volatile oil were characterized. (E)-Cinnamyl acetate (36.59%) and (E)-caryophyllene (22.36%) are found to be major compounds. The volatile oil was screened for its potential as an antioxidant by using in vitro models, such as the beta-carotene-linoleate and phosphomolybdenum complex method. The volatile oil showed 55.94% and 66.9% antioxidant activity at 100 and 200 ppm concentration, respectively. Also, the volatile oil showed good antioxidant capacity, using the formation of the phosphomolybdenum complex. A comparison of the chemical composition of the volatile oil was made with that of buds, flowers, and fruits. This is the first report on the chemical composition of volatile oil of the fruit stalks of this species and its antioxidant activity.