Bilberries processed into spreads represent an important source of anthocyanins if these remain rich in the final product. The effects of thermal processing were studied with non-ground and ground bilberries processed into spreads according to industrial and home-made procedures. Samples were analysed by LC–DAD–MS/MS and LC–MS. The spreads had 28–60% less total phenolics, 4–62% less anthocyanins, and 1-fold to 2-fold more phenolic acids and total flavonols than the bilberries, but approximately equal flavanols. The home-made spread from ground bilberries had ca. 26% higher antioxidant activity. Delphinidin 3-glucoside and cyanidin 3-glucoside were taken through the two spread procedures, with their degradation to gallic acid (38–57%), protocatechuic acid (1–2%) and 2,4,6-trihydroxybenzaldehyde determined. The amounts of gallic and protocatechuic acids did not reflect well for anthocyanin degradation. The industrial spread procedure with non-ground bilberries is a more suitable procedure to maintain the final content of anthocyanins.