Terpenoids are one of the secondary metabolites of plants and are the most widely distributed in nature with a diverse skeleton and significant biological activity, among which sesquiterpenoids are the most abundant. Sesquiterpenoids and triterpenoids are mainly synthesized by the mevalonate pathway, and the processes involve a variety of key enzymes and are regulated by transcription factors. They play important roles in plant growth and development, environmental adaptation, and resistance to pests and diseases. It is important to understand the gene functions of key enzymes to increase the production of sesquiterpenoids and triterpenoids to meet the market demand and to study the mevalonate biosynthesis pathway in depth. In this paper, the progress of gene cloning and transcription factor regulation of sesquiterpenes, triterpenoids and key enzymes of mevalonate synthesis pathway will be briefly reviewed.