Terpenes or terpenoids are extracted or steam distilled for the recovery of the essential oils of specific fragrant plants. These steam distillates are used to create fine perfumes, to refine the flavor and the aroma of food and drinks, and to produce medicines from plants (phytopharmaca). In recent years, consumers have developed an increasing interest in natural products, as most of these terpenoids have been identified as high value chemicals in food, cosmetic, pharmaceutical, biotechnology, and industrial crops. Extensive chemical techniques and biological tests have led to the identification, biological characterization, and extraction of major components that are of wide interest, especially to the cosmetic and industrial recovery of selective terpenes. The current status of the knowledge of their general structure, functions, and bioactive properties and the methods for their separation are covered in this review.