Corrosion is recognized as an unavoidable phenomenon and steel, particularly carbon steel, is strongly susceptible to corrosion. Corrosion damages cause serious material, energy, and economic losses as well as negative impacts on the environment. As a result, research interest has been focused on the development of effective corrosion prevention strategies. However, some of the most commonly used corrosion inhibitors, such as chromates and pyridines, are harmful to human and environmental health. Polyphenols are natural, non-toxic, and biodegradable compounds from plant sources or agricultural by-products. Polyphenols’ chelating capacity has been acknowledged since the 1990s, and tannins, in particular, have been widely exploited as green rust converters in phosphoric acid-based formulations to recover rusty steel. Polyphenolic compounds have recently been investigated as a method of corrosion prevention. This review overviews not only the polyphenolic rust converters, but also the application of green anticorrosive coatings containing polyphenols. Moreover, polyphenols were discussed as an active component in corrosion-inhibiting primers to also promote strong adhesion between the steel surface and the topcoat layer. Finally, an overview of the use of polyphenolic additives in coatings as sustainable systems to improve corrosion resistance is provided.