Phenolic compounds are important bioactive phytochemicals with potential health benefits. In this study, integrated metabolomics and transcriptomics analysis was used to analyze the metabolites and differentially expressed genes in grains of two wheat cultivars (HPm512 with high antioxidant activity, and ZM22 with low antioxidant activity) during grain development. A total of 188 differentially expressed phenolic components, including 82 phenolic acids, 81 flavonoids, 10 lignans, and 15 other phenolics, were identified in the developing wheat grains, of which apigenin glycosides were identified as the primary flavonoid component. The relative abundance of identified phenolics showed a decreasing trend with grain development. Additionally, 51 differentially expressed phenolic components were identified between HPm512 and ZM22, of which 41 components, including 23 flavonoids, were up-regulated in HPm512. In developing grain, most of the identified differentially expressed genes involved in phenolic accumulation followed a similar trend. Integrated metabolomics and transcriptomics analysis revealed that certain genes encoding structural proteins, glycosyltransferase, and transcription factors were closely related to metabolite accumulation. The relatively higher accumulation of phenolics in HPm512 could be due to up-regulated structural and regulatory genes. A sketch map was drawn to depict the synthetic pathway of identified phenolics and their corresponding genes. This study enhanced the current understanding of the accumulation of phenolics in wheat grains. Besides, active components and their related genes were also identified, providing crucial information for the improvement of wheat's nutritional quality.