The development of environmentally friendly, oxidation-selective advanced oxidation processes (AOPs) for water decontamination is important for resource recovery, carbon dioxide abatement, and cost savings. In this study, we developed an innovative AOP using a combination of peroxymonosulfate (PMS) and iodide ions (I) for the selective removal of phenolic pollutants from aqueous solutions. The results showed that nearly 100% degradation of phenol, bisphenol A, and hydroquinone was achieved after reaction for 4 min in the presence of 65 μM PMS and 50 μM I. PMS-I oxidation had a wide effective pH range, with the best performance achieved under circumneutral conditions. The ratio between [PMS] and [I] influenced the degradation, and the optimal ratio was approximately 1.00 for the degradation of the phenols. Neither sulfate nor hydroxyl radicals were found to be the active species in PMS-I oxidation. Instead, we found evidence that iodide atoms were the dominant oxidants. In addition, both Cl and Br also promoted the degradation of phenol in PMS solution. The results of this work may promote the application of reactive halogen species in water treatment.