The study aimed to evaluate the antifungal potential of an extract of propolis obtained with edible vegetable oil (ODEP) and to identify antifungal compounds in this extract. Propolis sample was extracted with canola oil. After filtration, the oily liquid extract was submitted to solvent partition and dried to obtain ODEP, which was tested in vitro against Candida albicans strains. ODEP was fractioned on Sephadex and by high-performance liquid chromatography (HPLC). Active fractions and/or a pure compound were analyzed by nuclear magnetic resonance, liquid chromatographic mass spectrometry (LC-MS) and liquid chromatography-tandem mass spectrometry (LC-MS/MS) to characterize their chemical composition. Bioassay-guided fractionation allowed the isolation of dihydrokaempferide, which was also quantified in ODEP by HPLC together with the total flavonoid content. Kaempferide and isosakuranetin were identified by LC-MS and LC-MS/MS in fractions with a potential activity against C.albicans. In vitro assays showed that some fractions from ODEP produced better inhibition of C.albicans than the propolis extract itself.