Breast cancer is one of the most common and malignant cancers among females worldwide. Several epidemiological studies have indicated the inverse correlation between the intake of whole grains and the incidence of breast cancer. Whole grains are the most fundamental and important food source of bioactive phytochemicals, which have well-defined roles in the management of each stage of breast carcinogenesis. To better understand the value of whole grains in future prevention and treatment of breast cancer, the effects and possible mechanisms of six different whole grain cereals, which are the most commonly consumed throughout the world, are introduced in the current review. Moreover, the bioactive compounds extracted from whole grains are adequately formulated and the underlying mechanism of action is illustrated. In addition, the present limitations and future perspective of whole grain consumption for breast cancer are also concluded. The objective of this review is to promote the development of nutraceutical and functional food from whole grains and its application for reducing the risk of breast cancer.