Phenolic phytochemicals have become of interest due to their therapeutic potential, particularly with regards to their anti-cancer, anti-inflammatory, hypolipidemic, and hypoglycemic properties. An evolving area of research involving phenolics in foods and their products pertains to the functional, biological, and nutritional consequences resulting from the binding between certain phenolic compounds and the macronutrient and micronutrient constituents of foods. The goal of this review is to provide a summary of studies investigating endogenous phenolic interactions with major components in food systems, including carbohydrates, proteins, lipids, minerals and vitamins, with a focus on the phenolic compounds and nutrients in oil-bearing plants. Another major objective is to provide a comprehensive overview of the chemical nature of phenolic interactions with food constituents that could affect the quality, nutritional and functional properties of foods. Such information can assist in the discovery and optimization of specific phenolic complexes in plant-based foods that could be utilized towards various applications in the food, nutraceutical and pharmaceutical industries.