SummaryThe chemical composition of whole wheat grains has been extensively studied, yet the literature on the lipophilic bioactive compounds of Turkish local wheat genotypes is limited. This study was carried out to determine some lipid‐soluble bioactive compounds in whole wheat lipids of selected on‐farm conserved Turkish wheat varieties (including four monococcum, three dicoccum, four durum and seven aestivum genotypes). For this purpose, fatty acid composition, phytosterol profile, and steryl ferulate contents were determined by GC‐FID and HPLC‐DAD. The major fatty acids in wheat lipids were identified as linoleic, oleic and palmitic acids, whereas β‐sitosterol was observed as the predominant phytosterol. The local wheat varieties, such as Siyez‐4, Karakılçık, Köse 220/33, Sünter and Spelt S. başak, contain higher amounts of beneficial bioactive compounds, for example unsaturated fatty acids (linoleic, oleic and α‐linolenic acids), phytosterols (β‐sitosterol, campesterol and stigmasterol) and steryl ferulates (campesteryl, sitosteryl and sitostanyl ferulate), making them a better choice over the commercial ones. This study offered a quick approach to obtain important information regarding bioactive compounds in the lipids of local wheat varieties. Furthermore, it could also provide valuable insights into the selection of on‐farm conserved wheat genotypes for future wheat breeding programmes.