Cereals are introduced to infants between the ages of 4 and 6 months to supplement breast milk and follow-on formula. Our objectives were to examine the content and in vitro availability of Fe, Ca, and Zn from five commercially available infant cereals mixed with water or follow-on formula before and after dephytinization. We estimated the bioaccessibility by measuring the soluble or dialyzable mineral fraction resulting from in vitro gastrointestinal digestion of the sample. For most infant cereals analyzed, dephytinization increased the in vitro availability of iron and zinc. This finding was especially dramatic among infant cereals mixed with follow-on formula rather than with water. However, the liquid used for reconstitution did not always show a significant (p < 0.05) interaction with phytase addition and in vitro mineral availability. The results of this study indicate that adding follow-on formula to infant cereals does not improve the bioaccessibility of iron, calcium, and zinc, despite the increase in mineral content it implies. Results obtained also showed that mineral solubility and dialyzability do not always follow parallel trends.