Chia seeds are an important source of dietary fiber with nutritional and technological potential as antioxidants in food products because of the activity of the associated phenolic compounds. The residual from the oil-extracting process of chia seeds is a good source of polyphenolic compounds with antioxidant activity. This study investigated the phenolic compounds and the antioxidant potential of Chilean chia seeds and oil. The seeds were milled and passed through a 0.850mm sieve. Defatting with n-hexane was carried out in a Soxhlet apparatus. Then, an extract was prepared: 1g of defatted flour was extracted with 10mL of ethanol for 3h under mechanical shaking. The mixture was centrifuged for 15min. The supernatant was evaporated using a rotavapor apparatus. It was then redissolved in 1mL ethanol. The quantification of phenolic compounds was made by Folin-Ciocalteu. Lipid peroxidation was evaluated by TBARS method. Determination of antioxidant activity was done by testing DPPH, FRAP, hydrophilic and lipophilic ORAC and results were expressed by μM/L Trolox equivalents/g sample. Total phenolics were 0.96 mg GAE/g. The values of TBARS were 9.58 and 16.53 mg/kg of seed and oil, respectively, suggesting low amount of side products of lipid autoxidation. The antioxidant results showed that Chilean chia seeds have consistent antioxidant activity comparable to Trolox in all of the assay model examined. This fact could be due to a high content of polyphenolic components suggesting that the isolation of bioactive compounds from chia seeds could be used to produce potent natural antioxidants or functional ingredients with commercial applications.