Three major oat components, β-glucan, starch, and protein, and their interactions were evaluated for the impact on viscosity of heated oat slurries and in vitro bile acid binding. Oat flour from the experimental oat line “N979” (7.45% β-glucan) was mixed with water and heated to make oat slurry. Heated oat slurries were treated with α-amylase, lichenase, and/or proteinase to remove starch, β-glucan, and/or protein. Oat slurries treated with lichenase or lichenase combined with α-amylase and/or proteinase reduced the molecular weight of β-glucan. Heat and enzymatic treatment of oat slurries reduced the peak and final viscosities compared with the control. The control bound the least amount of bile acids (p < 0.05); heating of oat flour improved the binding. Heated oat slurries treated with lichenase or lichenase combined with α-amylase and/or proteinase bound the least amount of bile acid, indicating the contribution of β-glucan to binding. Oat slurries treated with proteinase or proteinase and α-amylase together improved the bile acid binding, indicating the possible contribution of protein to binding. These results illustrate that β-glucan was the major contributor to viscosity and in vitro bile acid binding in heated oat slurries; however, interactions with other components, such as protein and starch, indicate the importance of evaluating oat components as whole system.