The objective of the research study was to assess the effect of enriching multifloral honey with propolis on the content of phenolic compounds therein and on its antioxidant activity. The research material were natural multifloral honey (n = 5) and honey enriched with propolis (n = 5) derived from five selected apiaries in Southern Poland. The following parameters were determined in the samples: total contents of polyphenols and flavonoids, total antioxidant activity and antiradical activity towards DPPH^• as well as reducing power using a FRAP method. The contents of some phenolic acids and flavonoids were determined by a HPLC method. Natural multifloral honey contained from 23.52 to 63.00 mg GAE/100 g of total phenolic compounds and from 5.26 to 14.39 mg QE/100 g of flavonoids. The enrichment of honey with propolis significantly increased the content of polyphenols and flavonoids depending on the origin of the sample. The maximum content of phenolic compounds in the propolis-enriched honey was 198.47 mg GAE/100 g, and of flavonoids: 135.51 mg QE /100 g. Additionally, a significant increase was reported in the content of individual phenolic acids and flavonoids in the propolis-enriched honey samples. Of the identified phenolic acids, the p-coumaric acid was predominant (its maximum content was 30.28 mg/100 g) and of the flavonoids: galangin (its maximum content was 25.41 mg/100 g). In all the cases, the enrichment of honey with propolis significantly impacted the increase in the antioxidant and antiradical activities of honey, and in its reducing power. The antiradical activity of multifloral honey (5.65 ÷ 26.21 %) increased, after the propolis enrichment, to 26.50 ÷ 88.33 %. At the same time, the reducing power of the propolisenriched honey (7.83 ÷ 53.79 mM Fe (II)/100 g) was definitely higher than that of the honey without this additive (1.64 ÷ 6.61 mM Fe (II)/100 g). Moreover, significant linear correlations were found between the total contents of phenolic compounds and flavonoids and the antioxidant and antiradical activity as well as the reducing power.