Phenolic compounds, found in all plants constitute an essential component of human diet. The major polyphenolic compounds found in plants are flavonoids, phenolic acids, stilbenes, chalcones, phenol alcohol and lignans. These compounds are secondary plant metabolites and possess various health benefits such as cardio protective effect, antidiabetic and anticancer properties along with high antioxidative activity. There properties make polyphenols interesting for the treatment of various diseases like cancer and also used for treatment of neurodegenerative diseases (such as Parkinson’s and Alzheimer’s). They have wide range of nutraceutical applications and exerts prebiotic effects as well. The antioxidative activity of phenolic compounds depends on their structure, in particular the number and position of the hydroxyl groups and the nature of substitutions on the aromatic rings. Fruits, vegetables and beverages are the chief sources of phenolic compounds in the human diet. This review is focused on plant polyphenols and discusses the aspects relative to their potential health benefits.