Coconut is grown in tropical and subtropical areas worldwide. The endosperm (water and meat) is consumed and processed in different forms. This study investigated the antioxidant activities and identified the phenolic compounds existing in the water and meat of coconut fruits at three different maturity stages, i.e., 180, 190, and 225 days after pollination from two planting areas in Thailand. Total phenolic content and antioxidant activity indices increased as the coconut matured from 180 to 190 days after pollination and then decreased or remained unchanged at 225 days after pollination. Catechin and salicylic acid were the major phenolic compounds found in the water, while gallic, caffeic, salicylic, and p-coumaric acids were found in the meat. The fat content of the meat increased significantly with maturity stage. Medium chain fatty acids profiles were also analyzed. The results are important for producers, processors, and consumers to realize an optimal quality and functionality of coconut water and meat when used for specific purposes.