The effects of $CO_2$ injection and barrel temperatures on the physiochemical and antioxidant properties of extruded cereals (sorghum, barley, oats, and millet) were studied. Extrusion was carried out using a twin-screw extruder at different barrel temperatures (80, 110, and $140^{\circ}C$), $CO_2$ injection (0 and 500 mL/min), screw speed of 200 rpm, and moisture content of 25%. Extrusion significantly increased the total flavonoid content (TFC) of extruded oats, and ${\beta}$-glucan and protein digestibility (PD) of extruded barley and oats. In contrast, there were significant reductions in 1,1-diphenyl-2-picrylhydrazyl (DPPH) radical scavenging activity, PD of extruded sorghum and millet, as well as resistant starch (RS) of extruded sorghum and barley, and total phenolic content (TPC) of all extrudates, except extruded millet. At a barrel temperature of $140^{\circ}C$, TPC in extruded barley was significantly increased, and there was also an increase in DPPH and PD in extruded millet with or without $CO_2$ injection. In contrast, at a barrel temperature of $140^{\circ}C$, the TPC of extruded sorghum decreased, TFC of extruded oats decreased, and at a barrel temperature of $110^{\circ}C$, PD of extruded sorghum without $CO_2$ decreased. Some physical properties [expansion ratio (ER), specific length, piece density, color, and water absorption index] of the extrudates were significantly affected by the increase in barrel temperature. The $CO_2$ injection significantly affected some physical properties (ER, specific length, piece density, water solubility index, and water absorption index), TPC, DPPH, ${\beta}$-glucan, and PD. In conclusion, extruded barley and millet had higher potential for making value added cereal-based foods than the other cereals.