Secale cereale (rye) belongs to the family Poaceae and is a wild cereal crop closely related to wheat and barley. Initially, rye was considered a weed that grows along the wheat fields andwas eventually brought under cultivation due to its nutritional properties. Rye is a cold-resistant crop that is majorly cultivated in European countries, Russia, USA, and Canada. As of 2021, the global production of rye is around 13.2 million tons, and the largest consumer is Poland. Due to the multiple uses of the rye crop, it is cultivated as food, animal fodder, forage crop, and for brewing purposes. Rye is considered a nutritional-rich grain with various phytoconstituents linked to health benefits. The major phytoconstituents of rye are tocols (tocopherols and tocotrienols), plant sterols, phenolic compounds, and other allelochemicals. Phenolic compounds contain a benzene ring base with one or more hydroxyl substituents, and they are one of the major phytoconstituents present in rye. A wide variety of phenolic compounds, including alkylresorcinols, phenolic acids, flavonoids, anthocyanins, proanthocyanidins, and lignans are found in rye cereal. The methods of extraction of phenols include traditional solvent extraction, ultrasound-assisted extraction, microwave-assisted extraction, supercritical fluid extraction, pressurized hot water extraction, deep eutectic solvent extraction, and other advanced methodologies. The phenols present in rye are responsible for various pharmacological activities such as antioxidant, anti-inflammatory, anti-cancer, anti-diabetic, organ protective, general health improvement, treating gastrointestinal disorders, anti-Alzheimer’s, and anti-microbial activities. This chapter addressed phenolic compounds present in rye cereals, their extraction, isolation, identification, structural elucidation, methods to improve phenol yields, and their health benefits.