Heather (Calluna vulgaris (L.) Hull.) is noted for a diverse chemical composition and a broad range of biological activity. The current study was aimed at monitoring changes in the accumulation of certain groups of phenolic compounds in various organs of heather (leaves, stems, roots, rhizomes, flowers, and seeds) at different growth stages (vegetative, floral budding, flowering, and seed ripening) as well as studying antioxidant (employing the DPPH and FRAP assays) and antibacterial activity of its extracts. The highest total amount of phenolic compounds, tannins, flavonoids, hydroxycinnamic acids, and proanthocyanidins was detected in leaves and roots at all growth stages, except for the flowering stage. At the flowering stage, the highest content of some groups of phenolic compounds (flavonoids, proanthocyanidins, and anthocyanins) was observed in flowers. Highest antioxidant activity was recorded for the flower extracts (about 500 mg of ascorbic acid equivalents per gram according to the DPPH assay) and for the leaf extract at the ripening stage (about 350 mg of ascorbic acid equivalents per gram according to the FRAP assay). Strong correlation was noted between antioxidant activity (DPPH) and the content of anthocyanins (r = 0.75, p ≤ 0.01) as well as between antioxidant activity (FRAP) and the total content of phenolic compounds (r = 0.77, p ≤ 0.01). Leaf extracts and stem extracts turned out to perform antibacterial action against both gram-negative and gram-positive bacteria, whereas root extracts appeared to be active only against B. subtilis, and rhizome extracts against E. coli.