The lipid constituents from wheat, corn and potato starches were analyzed, as was the composition of nonstarch compounds present in these lipid extracts. The lipids were extracted from starch granules using n‐propanol‐water (3:1, v/v) via cold and hot extraction into surface and internal lipid fractions, respectively; fatty acid profiles of the fractions so obtained were then carried out. The content of surface lipids was greatest from potato and wheat starches, whereas cornstarch was characterized as having the highest relative percentage of internal lipids. Hot extraction resulted in an increase in the lipid content for all extracts, and of the starches investigated, the lipids from cornstarch contained the highest percentage of polyunsaturated fatty acids. Unlike that of wheat starch, it was noted that the fatty acid, C20: 1 (n‐9), could only be extracted from corn and potato starch granules by the hot extraction technique. Lysophosphatidylcholine (LPC) and some phenolics were found to bind to wheat starch granules, but not to those of corn and potato. Using HPLC‐UV‐DAD analysis, five phenolic compounds were detected in the lipids extracted from wheat starch by hot extraction. Maxima from UV‐DAD spectra of the compounds were observed at a wavelength of 337.4 or 332.7 nm, and are characteristic of phenolic acids or their derivatives.