The effects of pearling on the content of phenolics and antioxidant capacity of two Canadian wheat classes, namely, Canada Western Amber Durum; Triticum turgidum L. var. durum; CWAD) and Canada Western Red Spring; Triticum aestivum L.; CWRS) were examined. The antioxidant activity of wheat phenolics was evaluated using oxygen radical absorbance capacity (ORAC), inhibition of photochemiluminescence (PCL), Rancimat method, inhibition of oxidation of low-density lipoprotein, and DNA. The phenolic composition of wheat extracts was determined using high-performance liquid chromatography. The antioxidant capacity of both pearled grains and byproducts significantly decreased as the degree of pearling increased. Among grains, the unprocessed whole grains demonstrated the highest antioxidant capacity. The byproducts always demonstrated higher antioxidant capacity compared to the pearled grains, regardless of the wheat class. The resultant byproducts from 10-20% pearling possessed the highest antioxidant capacity. Processing of cereals may thus exert a significant effect on their antioxidant activity. The concentration of grain antioxidants is drastically reduced during the refining process. As phenolic compounds are concentrated in the outermost layers, the bran fractions resulting from pearling may be used as a natural source of antioxidants and as value-added products in the preparation of functional food ingredients or for enrichment of certain products.