Changes in phenolics and color components during vinification and aging of Tempranillo wines were studied. Different phenolics display different diffusion into the must, and with the exception of proanthocyanidins and acetyl-glucoside anthocyanins, with maximum concentration at the end of postmaceration, the rest of the unacylated and coumarated anthocyanins, monomeric flavanols, and hydroxycinnamic acids reached their maximum at the end of alcoholic fermentation. This resulted in a significant increase in both wine color and stable color, mainly due to the formation of copigmentation complexes, although polymeric pigment formation was also important. Malolactic fermentation produced a significant decrease in flavonoid content while nonflavonoid concentrations were maintained, prompting a considerable loss in wine color, despite the dramatic increase in bisulfite-stable color. Wine oak aging did not produce any significant change in the studied parameters, while bottle aging reduced the level of monomeric anthocyanins and flavanols, and hydroxycinnamic acids. However, wine color remained stable due to a significant increase in stable color. Polymerization reactions of anthocyanins prevailed over pigment degradation reactions, and copigmentation was still relevant after 2 years of bottle aging.