Buckwheat is important not only for its role in enhancing soil quality and preventing erosion but also for its excellent nutritional profile, making it suitable for use in functional foods. This study aimed to investigate how long-term storage (3, 6, and 9 months) affects chemical, nutritional, and antioxidative properties, phenolic acids, and the bioflavonoid profiles of Novosadska variety buckwheat. Standard methods were used for quality determinations, and instrumental methods (spectrophotometry, reverse-phase high-performance liquid chromatography) were employed to determine antioxidant activity and bioactive compounds in Novosadska variety buckwheat. One-way ANOVA and Tukey’s HSD post hoc tests were performed for statistical data processing. Throughout the storage period, proximate composition and starch content significantly decreased (p < 0.05), while total carbohydrates, β-glucan, and energy value significantly increased (p < 0.05). Significant decreases in pH and alcoholic acidity (pH = 0.55) and 0.33% DM were observed. Total phenol content and antioxidant activity decreased to 5.57 mg GAE/g DM TPC, 22.20 μmol Fe2+/g DM FRAP, and 8.12 μmol TE/g DM DPPH during storage (p < 0.05). Of the 15 phytochemical compounds, gallic, p-coumaric, trans-cinnamic acids, and epicatechin were highly abundant in this buckwheat variety, with a notable 38% decrease in epicatechin. Dihydrocaffeic and phloretic acids, daidzein, naringin, and naringenin were also quantified in buckwheat. Its easy adaptability to the environment, ability to attract various insects, being a speedy short-season growing plant for food, and numerous nutritional and health benefits give buckwheat the potential to be a sustainable and biodiversity-friendly crop.