The purpose of this study was to examine the antioxidant properties of water and 80% methanolic extracts of cereal grains and their different morphological fractions. Wheat (Triticum aestivum L.) cv. Almari and cv. Henika, barley (Hordeum vulgare L.) cv. Gregor and cv. Mobek, rye (Secale cereale L.) cv. Dańkowskie Zlote, oat (Avena sativa L.) cv. Slawko and buckwheat (Fagopyrum esculentum Moench) cv. Kora were used. PC (L-alpha-phosphatidylcholine) liposome system and spectrophotometric assay of total antioxidant activity (TAA) were used to evaluate the antioxidative activity of extracts. Among the water extracts, only the one prepared from buckwheat exhibited antioxidant activity at the concentration analyzed. The following hierarchy of antioxidant activity was provided for 80% methanolic extracts originated from whole grain: buckwheat > barley > oat > wheat congruent with rye. The antioxidant activity was observed in extract prepared from separated parts of buckwheat and barley. In respect to hulls, the antioxidant hierarchy was as follows: buckwheat > oat > barley. The correlation coefficient between total phenolic compounds and total antioxidative activity of the extracts was -0.35 for water extracts and 0.96, 0.99, 0.80, and 0.99 for 80% methanolic extracts originated from whole grains, hulls, pericarb with testa fractions and endosperm with embryo fractions, respectively.