The aim of this study was to investigate the effect of raspberry juice addition on the content of phenolic compounds and the antioxidant activity of wafers. The research was carried out on non-supplemented wafers (control) and wafers in which water was replaced with raspberry juice in the amount of 10%, 20%, 50%, 75% and 100%. The potential bioavailability of the phenolic compounds after in vitro digestion was also determined. As shown by the consumer assessment, wafers in which the water was replaced with 100% raspberry juice turned out to be the best variant of the enriched wafers. The content of total phenolic compounds, flavonoids, phenolic acids, and anthocyanins in the tested products increased with the increasing amount of raspberry juice added to the wafers. The fortification of the wafers with raspberry juice had a positive effect on the antioxidant activity, expressed as the ability to neutralize free radicals ABTS (2,2′-azino-bis(3-ethylbenzthiazoline-6-sulfonic acid)) and DPPH (di(phenyl)-(2,4,6-trinitrophenyl)iminoazanium), the ability to chelate iron ions, and as the reduction power. The simulated digestion increased the content of phenolic compounds and increased the antioxidant activity of the wafers. The ability to inhibit lipoxygenase and cyclooxygenase 1 and 2 (i.e., enzymes involved in the induction of inflammation), varied and depended on both the amount of raspberry juice added and the type of extract.