Obesity has emerged as a major global health concern and is now considered to have reached epidemic or pandemic levels worldwide. Although growing research highlights the potential role of phenolic compounds in the management of obesity, their exact mechanisms and overall effectiveness are still not fully clarified. Various in vitro and in vivo investigations have indicated that phenolic compounds may contribute to obesity control through multiple mechanisms, including reduction of food consumption, suppression of lipogenesis, enhancement of lipolysis, stimulation of fatty acid β-oxidation, inhibition of adipocyte formation and proliferation, reduction of inflammatory responses, and mitigation of oxidative stress. This review summarizes recent findings regarding the anti-obesity potential of phenolic compounds derived from plants, nutraceuticals, and functional foods, based on experimental, animal, and clinical studies. Particular emphasis has been placed on widely consumed plant-based products such as cocoa, cinnamon, olive oil, and beverages including red wine, green, white and black tea, as well as Hibiscus sabdariffa L. tea, among others.