In recent years, changing lifestyles and food consumption patterns have driven demands for high-quality, ready-to-eat food products that are fresh, clean, minimally processed, and have extended shelf lives. This demand sparked research into the creation of novel tools and ingredients for modern packaging systems. The use of phenolic-compound-based active-packaging and edible films/coatings with antimicrobial and antioxidant activities is an innovative approach that has gained widespread attention worldwide. As phenolic compounds are natural bioactive molecules that are present in a wide range of foods, such as fruits, vegetables, herbs, oils, spices, tea, chocolate, and wine, as well as agricultural waste and industrial byproducts, their utilization in the development of packaging materials can lead to improvements in the oxidative status and antimicrobial properties of food products. This paper reviews recent trends in the use of phenolic compounds as potential ingredients in food packaging, particularly for the development of phenolic compounds-based active packaging and edible films. Moreover, the applications and modes-of-action of phenolic compounds as well as their advantages, limitations, and challenges are discussed to highlight their novelty and efficacy in enhancing the quality and shelf life of food products.