Alfalfa (Medicago sativa L.) is one of the most important forage species and is recently more in focus for human consumption mainly due to its content of bioactive phenolics. Samples of the seventeen alfalfa cultivars/populations were collected at the Agricultural Institute Osijek with the aim to evaluate their forage quality, phenolic profiles, and antioxidant potential. Significant differences (p < 0.05) existed among studied alfalfa in all analyzed traits. The cultivar OS 99 and populations L7 and L20 were characterized by high crude protein content (22.5–24.7%) and the lowest neutral (40.2–42.9%) and acid detergent fibres (33–35.5%). The soluble-free phenolics from alfalfa leaves were extracted by methanol while insoluble cell-wall bound phenolics were released by alkaline hydrolysis. The bound phenolic extract showed a stronger DPPH scavenging capacity (20.8 mg TE/g dm) than the soluble (11.4 mg TE/g dm). The HPLC data revealed that more phenolics were found in the bound (3638.0 g/g dm) than in the soluble form (912.3 g/g dm). In the soluble extract of the alfalfa leaves, the major compound was catechin (338.3 g/g dm), while rutin, epicatechin, and ferulic acid were minor ones. In the bound phenolic extract, themost abundant was ferulic (2198.2 g/g dm) and p-coumaric acid (983.7 g/g dm), followed by myricetin, apigenin, and quercetin. The principal component analysis revealed that alfalfa cultivars/populations were better discriminated based on the data on phenolics, rather than on forage quality. The cultivars/populations Florida 66, OS 66, L 40, L 42, Seed Force 4, and Torlesse were the most interesting in terms of phenolic health-promoting characteristics