Phenols are demonstrated precursors of “dioxins” ‐ polychlorinated dibenzo‐p‐dioxins (DDs) and dibenzofurans (DFs) ‐ in thermal processes, especially incineration. Heterogeneous catalysis, depending on conditions, can play an important role, but mere gas‐phase combination of phenolic entities to ultimately DD and/or DF is always possible. The present paper addresses the fundamental role of phenol itself. Phenol has long been known to give DF upon pyrolysis and in similar thermal reactions. In the liquid phase under oxidative conditions it yields five condensation products (A‐E); this clearly occurs through the dimerization of two phenoxy (PhO) radicals, followed by enolisation/rearomatisation. Our study shows that in the gas phase, at the lower T end, such dimers are also formed, but still with very little DF. That DF, indeed, is almost the only condensation product at elevated temperatures is substantiated by thermochemical‐kinetic analysis (favouring the pathway of ortho‐C/ortho‐C combination of two PhO radicals), as well as by results obtained with two plausible intermediates, viz. 2,2′‐dihydroxybiphenyl (A) and 2‐phenoxyphenol (C). Mechanisms for the requisite enolisation and dehydration steps leading to DF are discussed.