The cumulative cardiotoxicity of Adriamycin (ADR) is a constraint on its pharmacological use. The generation of drug induced oxygen radicals in heart cells lead to cardiac lipid membrane peroxidation. We studied the free radical scavenging potential of two compounds Oleanolic acid (OA) isolated from Eugenia jumbolana and Ursolic acid (UA) isolated from Ocimum sanctum against ADR induced lipid peroxidation both in liver and heart microsomes in vitro. In our attempt in the management of cardiotoxicity, we have identified OA as a strong protector against ADR induced lipid peroxidation and UA as a mild protector. Protection with OA was 49% and 21% in liver and heart microsomes respectively. On combined treatment, it increased to 69%. UA showed only 13% and 17% protection in liver and heart microsomes. Two methods for the microsome preparation, Calcium aggregation (CA) and Differential centrifugation (DC) were also compared. CA seems to give a better microsomal preparation though the protection was about the same.