Total phenolic (TPC) and flavonoid (TFC) content, individual phenolic compounds and antioxidant activities of methanol extracts of wheat and corn straw were determined. Germination bioassay was conducted with Abutilon theophrasti MEDIK., Asclepias syriaca L., and Chenopodium album L. seed. Samples were fermented by Lactobacillus plantarum and changes in TPC, TFC, antioxidant, and biological activity were investigated. TPC and TFC were significant in both samples and after fermentation their recovery was improved. All samples contain mainly quercetin, cinnamic acid, p-coumaric acid, and ferulic acid. Fermentation changed the content of phenolic and flavonoid compounds, differently in each case. All tested extracts showed high DPPH activity with IC 50 being significantly lower for fermented samples. FRAP activity was also high. Crude straw extracts were overall more effective than fermented ones concerning inhibition of germination and seedlings growth, mainly without statistically significant differences between wheat and corn. Compared with mesotrione, extracts were more effective in germination and seedling growth inhibition of C. album and in seedling growth inhibition of A. theophrasti.