TheTanacetum vulgareL. (Tansy) has several ethnobotanical uses, mostly related to the essential oil and sesquiterpene lactones, whereas information regarding other compounds is scarce. This research is designed to characterize the phenolic compounds (flavonoids, phenolic acids, and tannins) to analyze the thujone (which is toxic in high concentrations) content and to detect the antioxidant activity (DPPH assay) of extracts. The main highlights of our work provide a chemical profile of phenolic compounds ofT. vulgareharvested from different regions of Latvia, as well as simultaneously support the ethnomedicinal uses for wildT. vulgarethrough the integration of phenolic compounds as one of the value constituents of leaves and flowers. The extraction yield was 18 to 20% for leaves and 8 to 16% for flowers. The total phenol content in the extracts ofT. vulgareas well as their antioxidant activity was different between collection regions and the aerial parts ranging from 134 to 218 mg GAE/g and 32 to 182 mg L−1, respectively. A remarkable variation in the thujone (α + β) content (0.4% up to 6%) was detected in the extracts.T. vulgareleaf extracts were rich in tannins (up to 19%). According to the parameters detected, the extracts ofT. vulgarecould be considered promising for the development of new herbal products.