Alcoholic beverages with low ethanol contents were produced by fermenting black currant juice with Saccharomyces and non-Saccharomyces yeasts without added sugar. The effects of different yeasts on the phenolic compounds (anthocyanins, hydroxycinnamic acids, flavonols, and flavan-3-ols) and other selected constituents (the ethanol content, residual sugars, organic acids, and color) of the black currants were assessed. Single yeast-fermented beverages had higher ethanol contents (3.84−4.47%, v/v) than those produced by sequential fermentation. In general, the fermentation of black currant juice increased the contents of organic acids and flavonols, whereas anthocyanin contents decreased. All of the fermentations decreased the contents of glycosylated nitrilecontaining hydroxycinnamic acids, resulting in higher contents of the corresponding aglycons. Fermentation with Saccharomyces bayanus resulted in lower anthocyanin and organic acid contents compared to the other yeasts. Sequential fermentations with Saccharomyces cerevisiae and Metschnikowia pulcherrima led to the highest total hydroxycinnamic acids and anthocyanins among all of the fermentations.