Spent coffee grounds (SCG) were extracted with an environmentally friendly procedure and analyzed to evaluate the recovery of relevant natural antioxidants for use as nutritional supplements, foods, or cosmetic additives. SCG were characterized in terms of their total phenolic content by the Folin-Ciocalteu procedure and antioxidant activity by the DPPH scavenging assay. Flavonoid content was also determined by a colorimetric assay. The total phenolic content was strongly correlated with the DPPH scavenging activity, suggesting that phenolic compounds are mainly responsible for the antioxidant activity of SCG. An UHPLC-PDA-TOF-MS system was used to separate, identify, and quantify phenolic and nonphenolic compounds in the SCG extracts. Important amounts of chlorogenic acids (CGA) and related compounds as well as caffeine (CAF) evidenced the high potential of SCG, a waste material that is widely available in the world, as a source of natural phenolic antioxidants.