Comparative studies were conducted on physicochemical and technological properties of two black wheat (BW) varieties (cultivated in Shanxi Agricultural University) and their noodle-making potential. Whole-grain BW noodles showed acceptable cooking loss (≤10%) and strong antioxidant capacity. However, their textural quality remains to be enhanced. Regarding refined flour (RF) of the two BW varieties, Yunhei 14207 showed more anthocyanins, brighter color, and greater thermal stability (as reflected by the higher pasting temperature). 16W16 resulted in greater gluten content and better gluten quality of flour and higher dough stability, which contributed to the lower cooking loss and stronger tensile property of noodles. RF noodles of Yunhei 14207 displayed brighter appearance, although they had weaker tensile property. The stronger gluten network in noodles of 16W16 protected phenolics from release and degradation during drying, cooking, and steaming. Despite phenolics loss, RF noodles of Yunhei 14207 showed antioxidant capacity up to 14.97 mg TE/100 g. This research would promote understanding of characteristics of BW varieties. Considering the stronger gluten network of 16W16, its fortification in common wheat noodles at high proportion (>50%) may be promising to develop antioxidant noodles with further improved sensory quality.