The seeds from five black currant (Ribes nigrum L.) cultivars grown in western Canada were evaluated for their oil content, fatty acid and triacylglycerol (TAG) composition, and tocopherol and phytosterol profiles and contents. Moreover, polyphenolic compounds and antioxidant activity in the seed extracts remaining after oil extraction were determined. Oil contents of black currant seeds ranged from 27 to 33%. The gamma-linolenic acid content varied significantly among the cultivars (from 11% for Ben Conan to 17% for Ben Tirran). Among the 44 TAGs identified, LLalphaLn, alphaLnLgammaLn, and PLgammaLn (where L = linoleoyl, alphaLn = alpha-linolenoyl, gammaLn = gamma-linolenoyl, and P = palmitoyl) were the predominant ones. Black currant seed oil was a good source of tocopherols (1143 mg/100 g of oil on average) and phytosterols (6453 mg/100 g of oil on average). Quercetin-3-glucoside and p-coumaric acid were the main phenolic components in the seed residues. The high concentration of flavonols and phenolic acids was correlated with a high antioxidant activity of seed residue (average ABTS value of 1.5 mM/100 g and DPPH value of 1.2 mM/100 g). The data obtained from this study indicate that Canadian black currant seed oil is a good source of essential fatty acids, tocopherols, and phytosterols. Extraction of phenolic antioxidants from the seed residues even allows the recovery of additional valuable components from the byproduct of fruit processing.