The effect of processing variables, including screw speed (200, 300, and 400 rpm), moisture content (18, 19.5, and 21%), and four different percentages (55, 70, 85, and 100%) of oat flour, on the extrudate physical properties (expansion, bulk density, and texture profiles) and sensory properties were studied. Increasing the percentage of oat flour resulted in extrudates with a lower specific length, higher bulk density, lower lightness, higher redness, lower yellowness, higher hardness, and lower springiness, gumminess, and chewiness. Higher moisture content reduced expansion, except for the 100% oat flour puffs. Screw speed had no significant effect on the bulk density, specific length, and expansion ratio. Principal Component Analysis showed that decreasing moisture content and increasing screw speed resulted in increased product temperature, which was highly correlated with attributes of a more expanded product such as lightness, crispness, shininess, and an open cell structure. With a higher screw speed and a higher product temperature, corn-related flavors were more likely to develop. High correlations between physical and sensory properties were observed.