The distribution of minerals in (pearled) wheat grains was measured by synchrotron X-ray fluorescence, and the impact of pearling (0, 3, 6, 9, and 12% by weight) on the mineral composition of flour, shorts, and bran was identified by ICP-MS. The xylem mobile elements (Mn, Si, Ca, and Sr) dominated in the outermost bran layers, while the phloem mobile elements (K, Mg, P, Fe, Zn, and Cu) were more concentrated in the aleurone. Pearling lowered the concentrations of xylem mobile elements and increased the concentrations of most phloem mobile elements in the pearled grains. Molybdenum, Cd, and especially Se were more evenly distributed, and pearling affected their concentrations in milling products less. Pearling (3%) increased the concentration of several nutrients (P, Zn, Cu) in the flour because the bran fractions reaching the flour are enriched in aleurone. The correlations of concentrations of Mg, Fe, Zn, and Cu with that of P suggested their association with phytate.