Studies on the bioaccessibility and bioavailability of phenolic compounds are becoming more popular as these compounds may show their health beneficial properties just if they are bioaccessible and bioavailable. It has been reported that there are several factors affecting the bioavailability of phenolics, and one of the most predominant one is the food matrix. In this paper, the effect of carbohydrates, lipids, proteins, phenolics and vitamins on the bioaccessibility and bioavailability of phenolics and the fate of these molecular interactions are reviewed. These interactions are known to be influenced by temperature, pH, type and concentration of the food component and the phenolic compounds. As a result, it is difficult to derive an exact conclusion and every food material and component should be evaluated individually with respect to its interacting phenolic. On the other hand, it will be helpful to increase the number of in vitro and in vivo studies on the bioavailability of phenolic substances in contact with various food components in order to guide the design of functional foods enriched with phenolic substances.