Thermal stability and antioxidant ability of γ-oryzanol in oil have been widely studied. However, further research is needed to explore its thermal degradation products and degradation pathways. The thermal degradation products of γ-oryzanol in stripped soybean oil were identified and quantified by employing high-performance liquid chromatography (HPLC) and gas chromatography-mass spectrometry (GC-MS) during heating at 180 °C. The results revealed that γ-oryzanol undergoes ester bond cleavage to form -ferulic acid and free sterols, and -ferulic acid generated intermediate compound 4-vinylguaiacol, which ultimately generated vanillin. Analysis of kinetic and thermodynamic parameters revealed the thermal stability ranking of the four components of γ-oryzanol as follows: CampFA > CAFA > 24MCAFA > SitoFA. Furthermore, γ-oryzanol exhibited superior antioxidant activity at lower temperatures. The results of this study provide a theoretical basis for a better understanding of the thermal stability and antioxidant properties of γ-oryzanol in oil under thermal oxidation conditions.