Deadwood quality can be a highly significant factor in determining the occurrence of deadwood-dependent organisms such as saproxylic fungi. Rare deadwood substrates that are produced only after a lengthy senescence such as kelo trees may have unique deadwood qualities. Using high-performance liquid chromatography, we compared the phenolic composition of six types of Scots pine (Pinus sylvestris L.) substrates: living mature trees with no fungal sporocarps, living mature trees with Phellinus pini sporocarps, fallen non-kelo trees, soon-to-be kelo (standing), standing kelo, and fallen kelo. The fungal-infected living trees and fallen kelos were found to have more similarities in their phenolic composition when compared with the living and fallen trees and the standing kelos, which gets further pronounced with increasing decay. The results also highlight the uniqueness of the fungal-infected living trees and the fallen kelos and illustrate a possible correlation between fungal infection and the heartwood phenolic composition of Scots pine. However, it remains unclear to what extent the differences in phenolic compositions are caused by fungal infection and fungal decomposition. We also observed a previously undocumented correlation between the phenolic groups and fire scars on the trunks of the trees. The variation in substrate quality warrants further consideration when deadwood restoration activities are planned, as the quality of the deadwood could be as equally important as the quantity.