Pomegranate juice (PGJ) is rich in phenolics which are potent antioxidants but also prone to interact with proteins. A yogurt rich in PGJ (40%) made from arils was elaborated (PGY) to determine the antioxidant activity and to estimate the phenolics-proteins interaction during 28 days of cold storage. Juice, yogurts, and protein-free permeates were analyzed for phenolic composition. Yogurt fermentation modified the anthocyanin profile of the initial PGJ, especially the content in cyanidin-3-O-glucoside. During storage, individual anthocyanin content in PGY decreased but it did not modify yogurt color. The analysis of permeates revealed that the degree of phenol-protein interaction depends on the type of phenolic, ellagic acid and dephinidin-3,5-O-diglucoside being the least bound phenolic compounds. The presence of PGJ in yogurt enhanced radical scavenging performance, whereas all the observed ferric reducing power ability of PGY was strictly due to the PGJ present. The 84.73% of total anthocyanins remained bound to proteins at the first day of storage and 90.06% after 28 days of cold storage, revealing the high affinity of anthocyanins for milk proteins.