In order to study the changes and mechanism of phenolic compounds during Tartary buckwheat germination, the dynamic changes of phenolic compounds were analyzed, and the activities of enzymes that regulate phenolic compound biosynthesis and degradation were monitored. Total phenolics and total flavonoids presented an interesting dynamic trend with the extension of the germination time, and rutin, gallic acid, chlorogenic acid as well as 2,3,4-trihydroxybenzoic acid contents showed an increasing trend during germination period, the contents were up to (2 663.4 ± 61.1), (449.12 ± 5.26), (99.953 ± 7.800) and (50.442 ± 1.477) mg/100 g DW, respectively. Phenylalanine ammonia lyase (PAL) and chalcone isomerase (CHI) are dominant enzymes in regulating phenolic compound biosynthesis, which showed an increasing trend. Rutin degrading enzyme (RDEs) is the key enzyme in regulating phenolic compound degradation, which showed a decreasing trend. These results suggested that germination processing increases the phenolic compound contents of Tartary buckwheat, which may be regulated by the activation of PAL, CHI and the inhibition of RDEs.