In nine Bolivian purple corn ( Zea mays L.) varieties the content of phenolic compounds as well as the anthocyanin composition has been determined. The phenotypes under investigation included four red and five blue varieties (Kulli, Ayzuma, Paru, Tuimuru, Oke, Huaca Songo, Colorado, Huillcaparu, and Checchi). In purple corn, phenolic compounds were highly concentrated in cell walls. Thus, simultaneous determination of soluble and bound-form phenolics is essential for analysis, extraction, and quantification. The present study reports the determination of soluble and insoluble-bound fraction of phenolic compounds by HPLC-DAD and HPLC-ESI-MS(n) in Bolivian purple corn varieties. Enzymatic, thermal, and alkaline hydrolyses were used to obtain the cell wall-linked phenolic compounds. Ferulic acid values ranged from 132.9 to 298.4 mg/100 g, and p-coumaric acid contents varied between 251.8 and 607.5 mg/100 g dry weight (DW), respectively, and were identified as the main nonanthocyanin phenolics. The total content of phenolic compounds ranged from 311.0 to 817.6 mg gallic acid equivalents (GAE)/100 g DW, and the percentage contribution of bound to total phenolics varied from 62.1 to 86.6%. The total monomeric anthocyanin content ranged from 1.9 to 71.7 mg cyanidin-3-glucoside equivalents/100 g DW. Anthocyanin profiles are almost the same among the different samples. Differences are observed only in the relative percentage of each anthocyanin. Cyanidin-3-glucoside and its malonated derivative were detected as major anthocyanins. Several dimalonylated monoglucosides of cyanidin, peonidin, and pelargonidin were present as minor constituents.