In the present study, three commercial yeasts (for wine, beer, and cider) were evaluated for the production of pomegranate alcoholic beverage (PAB) from a juice of Wonderful variety. The physicochemical characteristics, antioxidant activity, and aromatic profiles of PABs were investigated before and after fermentation, while the effect of yeast strain and fermentation temperature (15 and 25 °C) was also evaluated. The PABs contained ethanol in the ranges of 5.6–7.0% v/v, in combination with glycerol (2.65–6.05 g L-1), and low volatile acidity. Total flavonoid content, total phenolic content, free radical-scavenging activity, and total monomeric anthocyanin content appeared to decrease after fermentation, possibly due to hydrolysis, oxidation, and other reactions. In general, PABs retained 81–91% of free radical-scavenging activity, 29–41% of phenolics, 24–55% of flavonoids, and 66–75% of anthocyanins. The use of different yeast affected mainly flavonoids and anthocyanins, and yeast strain M02 resulted in the highest values after fermentation. In PABs, 30 different volatile compounds were identified, specifically 15 esters, 4 organic acids, 8 alcohols, and 3 terpenes. The principal component analysis showed that the fermentation temperature affected significantly volatile composition, whereas, among the yeasts, WB06 is the one that seems to differentiate. The findings of this study show that the selection of the appropriate yeast and fermentation temperature is very crucial and affects the characteristics of the final product.