Catalase (CAT) is an enzyme involved in the first line of cellular antioxidant defense. It plays a key role in the protection of a wide range of Antarctic organisms against cold stress. Extracellular catalase is very rare and data on it are extremely scarce. The aim of the present study was to select an efficient producer of extracellular catalase from amongst Antarctic filamentous fungi. Sixty-two Antarctic filamentous fungal strains were investigated for their potential ability to synthesize intracellular and extracellular CAT. The Antarctic strain Penicillium rubens III11-2 was selected as the best producer of extracellular catalase. New information on the involvement of the extracellular antioxidant enzymes superoxide dismutase and CAT in the response of filamentous fungi against low-temperature stress was obtained. An efficient scheme for the purification of CAT from culture fluid was developed. An enzyme preparation with high specific activity (513 U/mg protein) was obtained with a yield of 19.97% and a purification rate of 98.4-fold. The purified enzyme exhibited maximal enzymatic activity in the temperature range of 5–40 °C and temperature stability between 0 and 30 °C, therefore being characterized as temperature sensitive. To our knowledge, this is the first purified extracellular cold active catalase preparation from Antarctic filamentous fungi.