at husk (OH; hull) is a by-product generated from oat processing and is rich in insoluble fibre and phenolic compounds. The aim of this work was to study the particle size distribution, antioxidant activity, and phenolic profile of micronized OH. For this purpose, the hull was first sterilized using superheated steam and was then ground using an impact classifier mill. The particle size distribution (PSD) of the ground husk was determined using the laser diffraction method and the parameters characterizing the PSD of the ground husk, and its antioxidant activity were calculated. In addition, UPLC-MS/MS analysis of phenolic acids was also performed. Micronization of the sterilized husk effectively decreased the size of the particles, and with the increasing speed of the rotor and classifier, the median size of the particles (d50) decreased from 63.8 to 16.7 µm. The following phenolic acids were identified in OH: ferulic, caffeic, p-hydroxybenzoic, vanillic, syringic, and synapic acid. Ferulic acid constituted about 95% of total phenolic acids. The antioxidant activity of the obtained extracts increased as the particle size of the micronized husk decreased. The highest half maximal inhibitory concentration (EC50 index) was found for chelating power, and the lowest was found in the case of radical scavenging activity against DPPH.