Hydrogen peroxide scavenging (HPS) activity of honey of different floral sources and its constituents such as predominant honey flavonoids, phenolic acids, amino and organic acids, and carbohydrates have been assessed by direct current (DC) polarographic assay. The assay was based on decrease of anodic current of hydrogen peroxide complex, formed in alkaline solution, at the potential of mercury dissolution. High correlations between honey HPS activity, its total phenolic content (FC-GAE), antioxidant activity measured by four standard methods (DPPH, TEAC, FRAP and ORAC), and also the relative antioxidant capacity index, were obtained. Statistical evaluation by ANOVA and F-test further confirmed the assay validity. The results for individual compounds showed that HPS activity of honey reflects an integrated action of a wide range of constituents, both phenolics and non-phenolics. The polarographic assay applied is a fast, reliable and low cost alternative to spectrophotometric antioxidant assays commonly applied in analysis of honey and can serve as an indicator of honey quality.