In this study, we investigated the effects of germination on the phytochemical content, antioxidant activity, and oxidative stability of soybean oil. Soybeans were germinated for different periods (0, 2, 4, 6-days). The germinated soybean oil (GSO) contained more α-tocopherol, phytosterols, and carotenoids, while there were no significant differences in fatty acid content. In particular, lutein accumulation was influenced by the modulation of phytoene synthase, lycopene ε-cyclase, and lycopene β-cyclase genes during soybean germination. Antioxidant activities in vitro were the most effective after treatment with 6-day GSO. Moreover, the oxidative stability of GSO was significantly enhanced compared to that of control soybean oil. These results were attributed to the increased content of phytochemicals in soybean oil during germination. This research holds promise not only for the development of functional foods owing to the increased phytochemical content but also for the food industry owing to the enhanced oxidative stability of soybean oil.