Recently, returning rice straw to soil has become a common problem in wheat production because it causes decreased wheat seedling emergence. Allelopathy is an important factor affecting seed germination. However, the effects of rice straw extracts on wheat seed germination and seedling growth remain unclear. Wheat seeds and seedlings were treated with 30 g L−1 of rice leaf extracts (L1), 60 g L−1 of rice leaf extracts (L2), 30 g L−1 of rice stem extracts (S1), 60 g L−1 of rice stem extracts (S2) and sterile water (CK) to study the allelopathic effects of rice straw extracts on wheat seed germination and seedling growth. The α-amylase and antioxidant enzyme activities in wheat seeds; the agronomic traits, photosynthetic indicators, and nutrient contents of wheat seedlings; and the phenolic acids in rice stem extracts were determined. Common allelochemicals, including 4-hydroxybenzoic acid, hydrocinnamic acid, trans-cinnamic acid, vanillic acid, benzoic acid, protocatechualdehyde, caffeic acid, syringic acid, sinapic acid, and salicylic acid, were detected in rice stem extracts. Low-concentration rice leaf and stem extracts (30 g L−1) had no effect on the germination rate of wheat seeds. High-concentration (60 g L−1) rice stem and leaf extracts decreased the seed germination rate by 11.00% and 12.02%. Rice stem extract (60 g L−1) decreased the α-amylase activity, and gibberellin content of wheat seeds but increased superoxide dismutase, peroxidase, and catalase activities and malondialdehyde content in wheat seeds. Allelochemicals entered the internal tissues of wheat seeds, where they decreased the gibberellin content and α-amylase activity and increased the antioxidant enzyme activity, ultimately leading to an inhibitory effect on seed germination. Rice stem and leaf extracts decreased the SPAD value and photosynthetic indicators of wheat seedlings. Rice stem extract (60 g L−1) decreased the fresh weight and root length of wheat seedlings by 31.37% and 45.46%. Low-concentration rice leaf and stem extract (30 g L−1) had no effect on the nutrient contents of wheat seedlings. Rice leaf and stem extracts (60 g L−1) decreased the nitrogen and potassium contents of wheat seedlings. These results indicated that low-concentration rice leaf and stem extract (30 g L−1) had no effect on wheat seed germination and the high-concentration rice stem extract (60 g L−1) released allelochemicals and inhibited wheat seed germination and seedling growth. These findings provide a basis for the improvement of straw return techniques.