During the extraction of canola oil, large quantities of meal are produced. Extracting biophenols from Australian canola meal (ACM) adds value to an otherwise low-value agro-industrial byproduct. This study examined the biophenol content and the antioxidant activity of ACM, the impact of extraction conditions, and varietal differences. Sinapine was the principal biophenol in ACM. In crude and hydrolyzed extracts, 31 compounds were identified: 2 dihexosides, 2 organic acids, 4 glucosinolates, 17 sinapic acid derivatives, 2 cyclic spermidine alkaloids, caffeic acid and its dihexoside, kaempferol, and its C-glucoside. ACM showed significant free radical scavenging activity in DPPH(•) and ABTS(•+) assays. Sinapine was the chief contributor to ACM antioxidant activity, whereas kaempferol sinapoyl triglucoside isomer was the most potent antioxidant. Biophenol content ranged between 12.8 and 15.4 mg GAE/g DW. Differences among studied cultivars were generally quantitative. The Tarcoola cultivar showed the highest biophenol content and antioxidant activity.