Wheat is a source of nutrients and phytochemicals with nutraceutical value. These components are unevenly distributed in the different parts of the wheat kernel, and their content in wheat varies widely depending on variety of wheat (V), genotype (G), growing environments (E), year/season (Y) and interaction effect (GxE or VxY). Knowledge of the nutritional and nutraceutical value of wheat and its determining factors may be used to select wheat for inclusion in the diet, for food product development and for selecting characteristics during breeding. This chapter describes the nutrients and phytochemicals found in wheat and reviews the factors that influence variations in their concentrations. The chapter concludes by considering the effects of wheat processing on nutrient and phytochemical content in wheat.