The present study demonstrated that nitric oxide, which is an important mammalian metabolite, can inhibit oxidation by lipoxygenase, cyclooxygenase and hemoglobin. The inhibition is manifested as a lag‐phase that is reversible. The inhibitory effect of nitric oxide on lipoxygenase and cyclooxygenase seems to derive from i) the capability of ·NO to reduce the ferric enzyme to the ferrous form, which is inactive; ii) competition for the iron site available for exogenous ligands; and iii) the radical scavenging ability of the nitroxide radical. Nitric oxide may act as a modulator of the arachidonic acid cascade and in the generation of oxygen‐active species.