The knowledge of the relationship between the chemical structure of food components with their mechanisms of action is crucial for the understanding of diet health benefits. This review relates the chemical variability present in coffee beverages with the mechanisms involved in key physiological events, supporting coffee as a polyvalent functional food. Coffee intake has been related with several health-promoting properties such as neuroprotective (caffeine, chlorogenic acids and melanoidins), anti-inflammatory (caffeine, chlorogenic acids, melanoidins, diterpenes), microbiota modulation (polysaccharides, melanoidins, chlorogenic acids), immunostimulatory (polysaccharides), antidiabetic (trigonelline, chlorogenic acids), antihypertensive (chlorogenic acids) and hypocholesterolemic (polysaccharides, chlorogenic acids, lipids). Nevertheless, caffeine and diterpenes are coffee components with ambivalent effects on health. Additionally, a large range of potentially harmful compounds, including acrylamide, hydroxymethylfurfural, furan, and advanced glycation end products, are formed during the roasting of coffee and are present in the beverages. However, coffee beverages are part of the daily human dietary healthy habits, configuring a coffee paradox.