Strawberry fruits contain various phenolic compounds, i.e., flavonoids comprising anthocyanins, flavonols and flavan-3-ols including proanthocyanidins, phenolic acids and hydrolysable tannins (ellagitannins). The concentrations of phenolic compounds in strawberry fruits are affected by several factors including genotype and different pre- and post-harvest conditions. Here, the impact of ripening and post-harvest storage is reviewed. During ripening from green to red ripe fruits extensive changes in gene expressions, enzyme activities, and synthesis of phenolic metabolites occur. Ellagic acids and flavan-3-ols are found in the highest concentrations in green fruits, but do not change significantly in later developmental stages, i.e., from white to red fruits. Conversely, concentrations of anthocyanins and cinnamic acid derivatives have been found to increase significantly in later developmental stages, from turning to red fruits. In addition, the concentration of anthocyanins continues to increase during post-harvest storage.