The aim of this study is to determine the impact of atmosphere on the oxidation of ground walnut during storage at 20 °C. Seven varieties of walnut (Juglans regia L.) were ground and stored under O2 or N2 atmospheres in hermetically sealed vials for 10 months at room temperature. Antioxidative potential, total phenolic content, fatty acid composition, and oxidative degradation products were determined after 10 months of storage. Cultivar, atmosphere and cultivar×atmosphere interactions significantly influenced the antioxidative potential. Cultivar and atmosphere significantly influenced the content of total polyphenols, with more polyphenols found in walnut stored in the N2 atmosphere. The mass fraction of unsaturated linolenic acid tended to decrease during storage under the O2 atmosphere; statistically significant differences were only found between individual varieties. The O2 atmosphere also resulted in an increase in the synthesis of oxidative degradation products. Among the degradation products, hexanal was the most abundant volatile compound, followed by 1-octen-3-ol, octanal, as well as the mixture of 2-octenal and 1-octen-3-ol. In general, higher concentrations of these degradation products were found in walnut stored under the O2 atmosphere, although these differences were statistically significant only between individual varieties for some compounds.