Colocasia esculenta (L.) Shott, commonly known as taro, is an essential food for millions of people. The leaves are consumed in sauces, purees, stews, and soups, being also used in wound healing treatment. Nowadays, the consumers' demand for bioactive compounds from the diet led to the development of new agricultural strategies for the production of health-promoting constituents in vegetables. In this work, two strategies (variety choice and irrigation conditions) were considered in the cultivation of C. esculenta. The effect on the phenolic composition of the leaves was evaluated. Furthermore, a correlation between the biological activity of the different varieties and their chemical composition was established. Qualitative and quantitative differences in the phenolic composition were observed between varieties; furthermore, the irrigation conditions also influenced the composition. C. esculenta varieties were able to scavenge several oxidant species and to inhibit hyaluronidase, but data suggest that metabolites other than phenolics are involved. The results show that cultivation strategies can effectively modulate the accumulation of these types of bioactive compounds. Furthermore C. esculenta wound healing potential can be attributed, at least in part, to the protection of the wound site against oxidative/nitrosative damage and prevention of hyaluronic acid degradation.