The objective of the current study was to analyse the total phenolic concentration (TPC), total flavonoid concentration (TFC), individual phenolic compound concentration and DPPH′ radical scavenging activity of four buckwheat (raw, roasted, white and dark) flour samples obtained from the Latvian market, in comparison to those of wheat flour, which is the most common ingredient in production of cereal products. TPC, TFC, and DPPH′ radical scavenging activity values were determined using spectrophotometric methods. Phenolic compounds were determined based on the high performance liquid chromatographic method (HPLC). All buckwheat flour samples had significantly higher TPC and TFC than wheat flour. The highest TPC (974.74 mg GAE·100 g−1 DW) and TFC (495.31 mg CE·100 g−1 DW) was found in raw buckwheat flour (p < 0.05). Buckwheat flour samples demonstrated similar DPPH′ radical scavenging activity, which ranged from 21.067 to 22.644 mM TE·100 g−1 dry matter, and was significantly higher (p < 0.05) than in wheat flour (0.731 mM TE·100 g−1 of dry matter). Dark buckwheat flour contained the highest level of rutin (4.613 mg·100 g−1), whereas raw buckwheat flour displayed the highest level of 3.5-dihydroxybenzoic acid (6.356 mg·100 g−1), sinapic acid (0.947 mg·100 g−1) and epicatechin (2.608 mg·100 g−1).