SummaryTo assess the effect of wheat milling or bran separation method, five wheat bran fractions, one from stone milling (SB), two from roller flour milling (coarse: RB1, fine: RB2), and two from grain pearling (0–3%: PB1, 3–6%: PB2) were analysed. Physiological properties provided good physical and flow characteristics of SB fraction; however, it was the darkest. Particle size was in the order of RB1 > SB > RB2 > PB1 > PB2. The fibre analysis showed the highest insoluble fibre components for RB1, PB1, and exceptionally higher soluble fibre for PB1. The protein, fat, ash, and starch content were highest for RB2 and PB2. Antioxidant properties followed the order PB2 > RB2 > PB1 > RB1 > SB. Pearled fractions (PB1 and PB2) showed better functional properties than others. SEM, XRD, and FT‐IR verified the changes in the properties of bran fractions. The characterisation data will find applications to help increase the usage of bran fractions in specific food products.