The purpose of this study was to investigate the changes in the content of functional components and the antioxidant activity of cooked rice and porridge composed of selected grains. The results of the study showed that brown rice and oat contained considerable amounts of γ-oryzanol (78.099~238.566 mg/100 g). However, cooked rice showed a decreased content of the same. The highest content of γ-aminobutyric acid (GABA) was observed in brown rice from Samgwang. The contents of biotin in all samples also decreased in cooked rice compared to raw cereal grains. The highest content of total polyphenols and flavonoids were observed in Heukjinmi rice, and the highest radical scavenging activity was also found in this variety. The cooking process led to a decrease in the content of functional components including γ-oryzanol, GABA, biotin, polyphenols, and flavonoids versus the corresponding raw cereal grains. These results may be useful in the development and application of home meal replacements using cereal grains.