The influence of deodorization parameters (temperature (T), steam flow (S), time (t)) on the phenolic content and radical scavenging effectiveness (RSE) of methanolic extracts of camelina oil was investigated and analyzed by response-surface methodology (RSM). The phenolic content can be considered to be a linear function of all three parameters. A positive linear relationship between the content of phenolic compounds in deodorized oils and RSE was observed. Deodorization at 210 °C with a steam flow of 3 mL/h for 90 min resulted in the best preservation of phenolics, amounting to 29.9 mg/kg. The lowest reduction from RSE of 12.4 μM Trolox equivalents (TE)/g oil for the crude oil was observed for oil treated at 195 °C and 18 mL/h for 60 min with RSE of 10.1 μM TE/g oil. The lack of correlation between RSE or total phenolic content and oxidative stability (OS) of the deodorized oils suggests that antioxidants in scavenging radicals react by different mechanisms, depending on radical type and reaction medium.