Zhenjiang aromatic vinegar (ZAV) is a kind of traditional fermented food worldwide. In this study, the changes of physicochemical properties, total phenolic content (TPC), total flavonoid content (TFC), and total antioxidant activity (TAA) were evaluated during the brewing process of ZAV. In addition, the correlation between phenolic compound contents and antioxidant activities was investigated during the aging process (AP) of ZAV. The results showed that total acids, non-volatile acids, and amino nitrogen increased gradually during the brewing process. Reducing sugar decreased sharply at the early fermentation stage and then increased during the AP. Meanwhile, TPC, TFC, and TAA kept a very low level at the stage of alcohol fermentation (AF), and increased to the highest level at the sixth year of the AP. TAA has a high positive correlation with TPC and TFC during the brewing process of ZAV. In addition, the contents of p-hydroxybenzoic acid, vanillic acid, and catechin were higher than other phenolic compounds and reached the highest level at the sixth year of the AP, and were the main composition of phenolic compounds during the AP. Moreover, gallic acid, ferulic acid, and sinapic acid had the higher contribution at the early stage of the AP, and then declined to a lower level. Catechin, vanillic acid, and syringic acid had a higher contribution during the AP. These findings would be helpful in controlling the quality of vinegar and improving its functional properties.