The use of oak fragments allows wine cellars to reduce costs and the length of wine aging compared to traditional aging in oak barrels in the winery. The main objective of this work was to study the effect of the use of oak fragments on the volatile, phenolic, and organoleptic characteristics of Tempranillo red wines, as a function of the contact time between the wood and the wine. The results showed important changes in the wines’ colorimetric parameters after two months of contact time. Extraction kinetics of volatile compounds from the wood was highest during the first month of contact for chips, variable for staves, and slower and continuous over time for barrels. Wines macerated with fragments showed the best quality in short periods of aging, while barrel-aged wines improved over the time they spent in the barrel. In addition, the results allowed an analytical discrimination between the wines aged with oak fragments and those aged in oak barrels, and between chips and staves, just as at the sensory level with triangular tasting tests. In conclusion, the use of oak fragments is a suitable practice for the production of red wines, which may be an appropriate option for wines destined to be aged for short periods.