Almond fruit consists of three or correctly four portions: kernel or meat, middle shell, outer green shell cover or almond hull and a thin leathery layer known as brown skin of meat or seedcoat. The nutritional importance of almond fruit is related to its kernel. Other parts of fruit such as shells and hulls were used as livestock feed and burned as fuel. In the past decades, different phenolic compounds were characterised and identified in almond seed extract and its skin, shell and hull as almond by-products. In addition, polyphenols are abundant micronutrients in the human diet, and evidence for their role in the prevention of degenerative diseases such as cancer and cardiovascular diseases is emerging. The health effects of polyphenols depend on the amount consumed and on their bioavailability. In this contribution, various phenolic compounds present in almond and its by-products, their antioxidant properties and potential use as natural dietary antioxidant, as well as their other beneficial compounds and applications are reviewed.