Consumption of food products rich in phenolic compounds has been associated to reduced risk of chronic disease onset. Daily consumed cereal-based products, such as bread and pasta, are not carriers of phenolic compounds, since they are produced with refined flour or semolina. Novel formulations of pasta have been thus proposed, in order to obtain functional products contributing to the increase in phenolic compound dietary intake. This paper aims to review the strategies used so far to formulate functional pasta, both gluten-containing and gluten-free, and compare their effect on phenolic compound content, and bioaccessibility and bioavailability thereof. It emerged that whole grain, legume and composite flours are the main substituents of durum wheat semolina in the formulation of functional pasta. Plant by-products from industrial food wastes have been also used as functional ingredients. In addition, pre-processing technologies on raw materials such as sprouting, or the modulation of extrusion/extrusion-cooking conditions, are valuable approaches to increase phenolic content in pasta. Few studies on phenolic compound bioaccessibility and bioavailability in pasta have been performed so far; however, they contribute to evaluating the usefulness of strategies used in the formulation of functional pasta.