Macadamia nuts have high nutritional value and positive health attributes. Changes to the composition and availability of these compounds during roasting contribute to product quality. In this study, changes to the chemical composition of lipids (fatty acids, triglycerides, and free fatty acids) and other phytochemicals were analyzed, and a sensory evaluation was carried out of two major varieties of macadamia nuts planted in China, after roasting. Only small changes in fatty acid (FA) content and a slight decrease in total triglycerides (TAGs) were observed after roasting. The free fatty acid (FFA) content and the peroxide value were increased by roasting. The total available polyphenol content increased by 25.6% and the oxidative stability index of kernels increased by 21.6%. The sensory scores for taste and aroma were doubled by roasting. Overall, the sensory, nutritional quality, and oxidative stability of roasted macadamia nuts were greatly improved, compared with raw nuts.