Wine, the fermented juice of the grape (Vitis vinifera), is a complex beverage composed primarily of water and ethanol. On the other hand, phenolic compounds are less abundant components that participate in taste and color formation. In addition to their major role in the sensory profile of wine, phenolic compounds (also referred as polyphenols) function through various mechanisms, exerting positive influence on health. According to recent research, consuming just one glass of red wine positively contributes to health protection, and it is connected to the maintenance of the redox endothelial balance, potential for reducing diabetes occurrence, preventing atherosclerosis, and reducing the risk of cardiovascular diseases. What is more, a lower incidence of certain types of cancers has also been observed. The health promoting benefits of wine are explained by its wide spectrum of structurally diverse phenolic compounds whose content may depend on numerous factors. The most abundant compounds are anthocyanins with up to 400 mg/L, followed by phenolic acids, flavanols, flavonols, hydrolyzable tannins, flavanones, and stilbenes (up to 200, 120, 60, 50, 25, and 5 mg/L, respectively). This review paper outlines the structural variety, health advantages, and immunomodulatory capacity of wine polyphenols, drawing upon the latest and most pertinent scientific literature available in this domain.