Phenolic compounds, omnipresent in plants, are a crucial part of the human diet and are of considerable interest due to their antioxidant properties and other potential beneficial health effects, for instance, antidiabetic, antihypertensive, anti-inflammatory, and anticancer properties. The consumption of a variety of plant-based foods containing various phenolic compounds has increased due to published scientific verification of several health benefits. The release of phenolic compounds and change in their bioactivities examined through in vitro simulated gastrointestinal digestion could provide information on the biological potency of bioactive components, which will allow us to elucidate their metabolic pathways and bioactivities at target sites. This review reports on the recent research results focused on changes during the gastro and/or intestinal phase. The effect of digestive enzymes and digestive pH conditions during simulated digestion accounted for the variations in bioaccessibility and bioavailability of phenolic antioxidants as well as the corresponding antioxidant activities were also summarized and presented in the review.