Oat (Avena sativa L.) is a source of many compounds that exhibit antioxidant activity. Vitamin E (tocols), phytic acid, phenolic compounds, and avenanthramides are the most abundant antioxidants in oat, and flavonoids and sterols are also present. These antioxidants are concentrated in the outer layers of the kernel. Several in vitro tests have been used to evaluate antioxidant activity of oat extracts. A few examples show that an oat-containing diet boosted the antioxidant capacity of serum or meat in animals. Avenanthramides may be a plant defense response, as these compounds are induced in oat leaves by rust spores or elicitors. Antioxidants function in helping to maintain the stability of processed oat products, and oat can stabilise oils and fats against rancidity. Possible future research should be aimed at increasing antioxidants by plant breeding and through a nutritional genomics approach. Additionally, we need to acquire knowledge about the bioavailability and function of antioxidants in human and animal systems. Methods for fractionation of oat to produce antioxidant co-products along with other high-value components should also be studied.