Plant-derived phenolic compounds have multiple positive health effects for humans attributed to their antioxidative, anti-inflammatory, and antitumor properties, etc. These effects strongly depend on their bioavailability in the organism. Bioaccessibility, and consequently bioavailability of phenolic compounds significantly depend on the structure and form in which they are introduced into the organism, e.g., through a complex food matrix or as purified isolates. Furthermore, phenolic compounds interact with other macromolecules (proteins, lipids, dietary fibers, polysaccharides) in food or during digestion, which significantly influences their bioaccessibility in the organism, but due to the complexity of the mechanisms through which phenolic compounds act in the organism this area has still not been examined sufficiently. Simulated gastrointestinal digestion is one of the commonly used in vitro test for the assessment of phenolic compounds bioaccessibility. Encapsulation is a method that can positively affect bioaccessibility and bioavailability as it ensures the coating of the active component and its targeted delivery to a specific part of the digestive tract and controlled release. This comprehensive review aims to present the role of encapsulation in bioavailability of phenolic compounds as well as recent advances in coating materials used in encapsulation processes. The review is based on 258 recent literature references.