The consumption rates of three monolignols (p-coumaryl, coniferyl, and sinapyl alcohols) and eight analogues using horseradish peroxidase (HRP)–H2O2 as an oxidant were measured and compared with the anodic peak potentials thereof measured with cyclic voltammetry. 3-Monosubstituted p-coumaryl alcohols, i.e., 3-methoxy-, 3-ethoxy-, 3-n-propoxy-, and 3-n-butoxy-p-coumaryl alcohols, had faster reaction rates than p-coumaryl alcohol. This is most probably due to the electron-donating effect of alkoxyl groups. However, the reaction rates gradually decreased with an increase in the molecular weight of the alkoxyl groups. Furthermore, t-butoxyl group, which is a very bulky substituent, caused an extreme reduction in the reaction rate, even though its electron-donating effect was almost the same as that of other alkoxyl groups. The reaction rates of 3,5-disubstituted p-coumaryl alcohols, especially 3,5-dimethyl-p-coumaryl alcohol, were very low compared with 3-monosubstituted p-coumaryl alcohols. These results suggest that there are three main factors of hindrance during the approach of monolignols to the active site of HRP. First, from the results of 3-monoalkoxy-p-coumaryl alcohols, it was suggested that the volume of substituents could decrease their oxidation rates. Second, from the results of 3,5-disubstituted p-coumaryl alcohols, it was suggested that local steric hindrance by the amino residues quite near the heme decreased the oxidation rates. Third, from the results of the substrates with hydrophobic substituents at their 3,5-positions, we suggested that hydrophilicity near heme would decrease their oxidation rates.