Wine and beer are nowadays the most popular alcoholic beverages, and the benefits of their moderate consumption have been extensively supported by the scientific community. The main source of wine and beer’s antioxidant behavior are the phenolic substances. Phenolic compounds in wine and beer also influence final product quality, in terms of color, flavor, fragrance, stability, and clarity. Change in the quantity and quality of phenolic compounds in wine and beer depends on many parameters, beginning with the used raw material, its place of origin, environmental growing conditions, and on all the applied technological processes and the storage of the final product. This review represents current knowledge of phenolic compounds, comparing qualitative and quantitative profiles in wine and beer, changes of these compounds through all phases of wine and beer production are discussed, as well as the possibilities for increasing their content. Analytical methods and their importance for phenolic compound determination have also been pointed out. The observed data showed wine as the beverage with a more potent biological activity, due to a higher content of phenolic compounds. However, both of them contain, partly similar and different, phenolic compounds, and recommendations have to consider the drinking pattern, consumed quantity, and individual preferences. Furthermore, novel technologies have been developing rapidly in order to improve the polyphenolic content and antioxidant activity of these two beverages, particularly in the brewing industry.