L-Phenylalanine (L-Phe) is an important aromatic amino acid, which has been widely used in food, health care products, medicine and other fields. Based on the relatively mature microbial biosynthesis process, a variety of L-phenylalanine-derived compounds have attracted more and more attentions owing to their extensively potential applications in the fields of food, medicine, spices, cosmetics, and pesticides. However, the challenge of biosynthesis of L-phenylalanine-derived compounds remains the issue of low production and productivity. With the development of metabolic engineering and synthetic biology, the biosynthesis of L-phenylalanine has reached a high level. Therefore, the synthesis of L-phenylalanine-derived compounds based on high production strains of L-phenylalanine has broad prospects. In addition, some L-phenylalanine-derived compounds are more suitable for efficient synthesis by exogenous addition of precursors due to their longer metabolic pathways and the inhibitory effects of many intermediate products. This review systematically summarized the research progress of L-phenylalanine-derived compounds, including phenylpyruvate derivatives, trans-cinnamic derivatives, p-coumaric acid derivatives and other L-phenylalanine-derived compounds (such as flavonoids). Finally, the main strategies to improve the production of L-phenylalanine-derived compounds were summarized, and the development trends of the synthesis of L-phenylalanine-derived compounds by microbial method were also prospected.