The production and consumption of beer plays a significant role in the social, political, and economic activities of many societies. During brewing fermentation step, many volatile and phenolic compounds are produced. They bring several organoleptic characteristics to beer and also provide an identity for regional producers. In this review, the beer compounds synthesis, and their role in the chemical and sensory properties of craft beers, and potential health benefits are described. This review also describes the importance of fermentation for the brewing process, since alcohol and many volatile esters are produced and metabolized in this step, thus requiring strict control. Phenolic compounds are also present in beer and are important for human health since it was proved that many of them have antitumor and antioxidant activities, which provides valuable data for moderate dietary beer inclusion studies.