The effect of elicitation with arachidonic and jasmonic acids on the production of phenolic compounds as well as the antioxidant and anti-inflammatory properties of phenolic extracts of wheatgrass was evaluated. The qualitative and quantitative analysis of phenolic compounds carried out with the UPLC-MS technique indicated that luteolin and apigenin derivatives were the dominant flavonoids, while ferulic acid derivatives and syringic acid were the main components in the phenolic acid fraction in the wheatgrass. No qualitative changes in the examined phenolic compounds were observed in the case of the control and elicited plants, while there was an increase in the content of some compounds. The antioxidant activity increased in the elicited samples (with the exception of reducing power) and this elevation was partially correlated with the increase in the polyphenol content in the studied plants. Elicitation with 0.01 µM arachidonic acid also caused improvement of potential anti-inflammatory properties of the wheatgrass.