Electron spin resonance (ESR) spectroscopy was used to determine the effect of dry hopping on the oxidative stability and antioxidative potential of beer. Commercial beer was dry-hopped at 5 °C and 20 °C with six hop varieties (Polish and American). The rate of radical formation and lag time were found to depend on the variety of hop used. An increase in the lag time and a decrease in the rate of radical formation occurred when dry-hopping was performed at 20 °C for all hop varieties (at 5 °C in some varieties). The lag time had a strong correlation with the TPC (total polyphenols content) in beer. The rate of radical formation was correlated with the iron content of the beer. A decrease in iron concentration was observed after dry-hopping at 20 °C. Overall, the evaluation of free radical formation using ESR is useful for predicting oxidative changes in beer during storage.