The aim of this study was to analyse and compare the acidity, microbiological and colour characteristics, fatty (FA) and amino (AA) acid profiles, biogenic amine (BA) and gamma-aminobutyric acid (GABA) concentrations, and macro- and microelement contents in non-treated (non-fermented) and fermented wholemeal cereal flours of ‘Gaja’ (traditional wheat) and new breed lines DS8888-3-6 (waxy wheat), DS8548-7 (blue wheat) and DS8535-2 (purple wheat). Independent fermentations were undertaken with selected strains of Pediococcus acidilactici, Liquorilactobacillus uvarum and Lactiplantibacillus plantarum. The results revealed that all the wholemeal cereal flours of the analysed wheat varieties are suitable for fermentation with the selected strains because all the fermented samples showed lactic acid bacteria (LAB) viable counts higher than 8.00 log10 CFU/g and desirable low pH values. In most of the cases, fermentation increased the concentration of essential amino acids in the wholemeal cereal samples, and the LAB strain used for fermentation proved to be a significant factor in all the essential amino acid content of wholemeal wheat (p ≤ 0.0001). When comparing the non-fermented samples, the highest GABA content was found in ‘Gaja’ and waxy wheat samples (2.47 µmol/g, on average), and, in all the cases, fermentation significantly increased GABA concentration in the wholemeal cereals. On the other hand, total levels of biogenic amines in wholemeal samples ranged from 22.7 to 416 mg/kg. The wheat variety was a significant factor in all the analysed macro- and microelement contents (p ≤ 0.0001) in the wholemeal cereals. Furthermore, fermentation showed to be a significant factor in most of the FA content of the wholemeal cereal samples. Finally, fermentation can also contribute to improving the biological and functional value of wholemeal wheat flours (by increasing essential amino acids and GABA concentrations); however, safety parameters (e.g., biogenic amines) also should be taken into consideration when optimizing the most appropriate technological parameters.