Honey has been employed since antiquity due to its sensory, nutritional, and therapeutic properties. These characteristics are related to its physical and chemical composition. For example, phenolic compounds are substances that can determine antioxidant activity, as well as sensory characteristics, and can be employed as biomarkers of floral and geographical origin. This has generated a growing interest in the study of phenolic compounds and their influence in the intrinsic properties of this beekeeping product. This review aims to summarize, analyze, and update the status of the research that demonstrates the role of phenolic compounds in antioxidant activity, botanical-geographical origin, and the sensory characteristics of honey. These phenolic compounds, according to various results reported, have great relevance in honey’s biological and functional activity. This leads to research that will link phenolic compounds to their floral, geographical, productive, and territorial origin, as well as some sensory and functional characteristics.