Composition of phenolic compounds and the sugar content were determined as the basis for characterization of lime honey from Serbia. Particular attention was given to differences in phytochemical profiles of ripe and unripe lime honey and lime tree nectar. Melissopalynological analysis confirmed domination of Tilia nectar in all analyzed samples. Phenolic acids, abscisic acid, flavonoids, and flavonoid glycosides were determined by means of ultra-HPLC coupled with a hybrid mass spectrometer (UHPLC-OrbiTrap). Sugar content was determined using high-performance anion-exchange chromatography with amperometric detection. Similar phenolic compounds characterized unripe and ripe honeys, while the lime tree nectar profile showed notable differences. Compared to lime tree nectar, a high amount of chrysin, pinocembrin, and galangin were detected in both ripe and unripe lime honey. Fructose and glucose were the major constituents of all investigated samples, and amounts were within the limits established by European Union legislation. Sucrose content in the nectar sample was up to two-fold higher when compared to all honey samples. Isomaltose and gentiobiose with turanose content were different in analyzed production stages of lime honey.