A preservation solution for preserving a biological material at a low temperature including one or more polyphenols, and a method for preserving a biological material are provided. The method includes adding the preservation solution to a biological material, cooling the biological material and storing it under appropriate storing conditions. The method can be used for hypothermic preservation or for cryopreservation, including freezing and lyophilization, of any biological material, including cells selected from RBC, WBC, MNC, UCB, HSC and bacteria. A method is also provided for freezing RBCs such that upon thawing, the RBCs include less than 2% free hemoglobin.