As a globally distributed cereal, wheat is an essential part of the daily human dietary structure. Various changes in nutrient composition and starch structure can reflect the quality of wheat. In this study, we carried out a series of measurements to reveal the levels of wheat quality during long-term storage. We found that the deterioration of wheat was apparent after two years of storage: (1) the content of fatty acid increased from 12.47% to 29.02%; (2) the malondialdehyde content increased to 37.46%; (3) the conductivity significantly increased from 35.71% to 46.79%; and (4) other indexes, such as the amylopectin content, peak viscosity, and disintegration rate, increased noticeably during storage. Moreover, SEM images revealed a certain degree of damage on the surface of starch granules, and an X-ray diffraction (XRD) analysis showed A-type crystalline starch of wheat. Additionally, FTIR spectra suggested that the ratio of amylose and amylopectin decreased with a decreasing content of amylose and increasing content of amylopectin. The ratio of amylose and amylopectin can lead to variations in wheat machining characteristics. Therefore, wheat should be kept at an average of 20 °C with safe water content for less than two years to maintain reasonable quality.