The current study investigated the fatty acid profile and oxidative status of the meat from lambs that were fed a novel perennial wheat or a conventional annual wheat, either as a cereal monoculture or lucerne biculture. Twelve lambs were assigned to each of the four dietary treatments (48 lambs in total) and held within individual pens for the duration of the 28 day feeding study. Lambs were slaughtered and the longissimus lumborum (LL) and semimembranosus (SM) muscles analysed. The independent effect of wheat type on fatty acid concentrations was negligible. The concentration of long-chain saturated and omega-6 polyunsaturated fatty acids was higher when lucerne was included in the diet. Only monounsaturated fatty acids were affected by the interaction between wheat type and lucerne. The three-way interaction between wheat type, lucerne and muscle was only significant for the concentration of C12:0 and anteiso-C15:0. The concentration of thiobarbituric reactive substances and vitamin E was higher in meat from lambs fed a lucerne biculture, compared with those fed a cereal monoculture. Furthermore, and independent to dietary treatment, higher concentration of omega-3, omega-6 and other health claimable fatty acids were found in the SM, compared with the LL. This information will support industry adoption of novel perennial wheat polycultures and help producers to utilise it as a dual-purpose crop for the production of grain and/or sheep meat.