Different from the well-characterized function of phenolics as antioxidants, their function as lipid-derived carbonyl scavengers is mostly unknown. However, phenolics react with lipid-derived carbonyls as a function of the nucleophilicity of their reactive groups and the electronic effects and steric hindrances present in the reactive carbonyls. Furthermore, the reaction produces a wide variety of carbonyl-phenol adducts, some of which are stable and have been isolated and characterized but others polymerize spontaneously. This perspective updates present knowledge about the lipid-derived carbonyl trapping ability of phenolics, its competition with carbonyl-amine reactions produced in foods, and the presence of carbonyl-phenol adducts in food products.