A phytochemical analysis of the methanol extract of Tynanthus panurensis bark led to the isolation of one new phenylpropanoid glycoside, eugenol-O-[beta-D-xylopyranosyl-(1-->5)-O-beta-D-apiofuranosyl-(1-->6)-O-beta-D-glucopyranoside], the known verbascoside, isoverbascoside, and leucosceptoside, along with the known flavonoid apigenin 8-C-[beta-D-xylopyranosyl-(1-->6)-beta-D-glucopyranoside], namely, katchimoside. Their structures were established by NMR and ESIMS experiments. Additionally, a quantitative study of the phenylpropanoid glycosides fraction of T. panurensis bark and of the hydroalcoholic extract prepared according to the traditional recipe was performed by combining high-performance liquid chromatography diode array detection with positive electrospray ionization tandem mass spectrometry. The new eugenol derivate was found to be the most abundant phenylpropanoid glycoside in both dried bark (19.5 mg/g) and hydroalcoholic extract (0.24 mg/mL). The antioxidant activity of all the isolated compounds and of the methanol and hydroalcoholic extract of the bark was determined by measuring the free radical scavenging effects using the Trolox equivalent antioxidant capacity method. The traditional hydroalcoholic extract showed a moderate activity.