The objective of this research was to designate and identify the profile of fatty acids, sterols, and polyphenol compounds and to demonstrate the antidiabetic activity, in blue corn extracts (BCE) in comparison with the yellow variant of this raw material. All of the maize lines, including the blue corn, were grown in Europe (southwestern part of Poland) and not in the place of origin (South America). In the extracts of the blue corn variety, eight anthocyanin compounds were isolated. The compound found in the largest amount was pelargonidin, followed by cyanidin-3-glucoside and other glycoside derivatives. Unsaturated fatty acids were the main ones found in the lipid fraction of blue and yellow corn, including linoleic acid and oleic acid. Saturated fatty acids, such as stearic and palmitic acid, were present in smaller amounts. The blue corn’s sterol profile was similar to other varieties of this corn, with β-sitosterol and campesterol occurring in the largest amount, alongside smaller amounts of stigmastanol and stigmasterol. The blue corn variety was characterized by a high content of polyphenolic compounds, which show several biological activities, including antidiabetic activity. The strongest in vitro antidiabetic effect was found in the blue corn lines. Among the polyphenolic compounds in both the blue and yellow corn varieties, in the largest amounts, were caffeic acid, procyanidin B2, and gallic acid. Despite the known and proven biological activity of polyphenolic compounds, the fat fraction showed the highest in vitro antidiabetic activity in the BCE studied.