A wide range of phenolic compounds participate in oilseed growth, regulate oxidative stability of corresponding vegetable oil, and serve as important minor food components with health-promoting effects. Composition distribution of phenolic compounds varied in oilseeds. Isoflavones, sinapic acid derivatives, catechin and epicatechin, phenolic alcohols, chlorogenic acid, and lignans were the main phenolic compounds in soybean, rapeseed, peanut skin, olive, sunflower seed, sesame and flaxseed, respectively. Among which, the total isoflavones content in soybean seeds reached from 1,431 to 2,130 mg/100 g; the main phenolic compound in rapeseed was sinapine, representing 70–90%; chlorogenic acid as the predominant phenolic compound in sunflower kernels, represented around 77% of the total phenolic content. With the rapid development of analytical techniques, it is becoming possible for the comprehensive profiling of these phenolic compounds from oilseeds. This review aims to provide recently developments about the composition distribution of phenolic compounds in common oilseeds, advanced technologies for profiling of phenolic compounds by the metabolomics approaches based on mass spectrometry. As there is still limited research focused on the comprehensive extraction and determination of phenolics with different bound-forms, future efforts should take into account the non-targeted, pseudo-targeted, and spatial metabolomic profiling of phenolic compounds, and the construction of phenolic compound database for identifying and quantifying new types of phenolic compounds in oilseeds and their derived products.