Infant cereals (IC) are normally the first food provided when the complementary feed period starts. Various IC formulations are available, containing different types and compositions of cereals and other ingredients. The aim of our study is to determine the influence of IC formulation on Maillard reaction products, including furan and acrylamide. The composition of free and bound phenols was also obtained. The furan content detected ranged from 10.3 to 19.5 μg kg−1, and that of acrylamide from inappreciable to 92.4 μg kg−1, with a mean value of 70.5 μg kg−1; for both compounds, the lowest values were obtained for rice IC. Levels of furosine, glucosylisomaltol and acrylamide were mainly influenced by the cereal composition, while those of furan and hydroxymethylfurfural (HMF) were influenced both by cereal composition and by other ingredients. Phenolic composition was strongly influenced by the additional ingredients in the formulation; the largest fraction was that of free phenols. Taking into account the furan and acrylamide exposure, no risk for furan intake was observed; however, significant amounts of acrylamide are ingested when IC with gluten are used.