Wheat germ (WG) is a by-product of wheat milling and comprises many bioactive compounds. This study aimed to compare the antioxidant and antilipidemic effects of different WG extracts (WGEs) by analyzing candidate bioactive compounds such as carotenoids, tocopherols, γ-oryzanol, and biogenic amines by reversed-phase high-performance liquid chromatography. Antioxidant activity was determined using the ABTS, DPPH, and FRAP assays. The antilipidemic effect was evaluated in palmitic acid-induced steatosis in HepG2 hepatocytes and 3T3-L1 adipocytes. Cellular lipid accumulation was assessed by Oil Red O staining and a cellular triglyceride content assay. All analyzed WGEs showed significant antioxidant potential, although some bioactive compounds, such as carotenoids, tocopherols, and γ-oryzanol, were the highest in the ethanol extract. Correlation analysis revealed the antioxidant potential of all identified biogenic amines except for spermidine. Ethanol and n-hexane extracts significantly inhibited cellular lipid accumulation in cell models. These results suggest that WGEs exhibit promising antioxidant potential, with a variety of bioactive compounds. Collectively, the findings of this study suggest that bioactive compounds in WGEs attenuate plasma lipid and oxidation levels. In conclusion, WG can be used as a natural antioxidant and nutraceutical using appropriate solvents and extraction methods.