There is increasing interest in research and applications of natural bioactive molecules due to the growing demand for functional ingredients from the pharmaceutical, cosmetic, and food industries. A major challenge is finding suitable natural plant resources for the development of functional ingredients. Leptospermum, a genus of the myrtle family (Myrtaceae), is mainly native to Australia. This genus has been traditionally used for the treatment of a range of ailments, such as colds, fever, constipation, diarrhea, skin, inflammation, stomach disorder, internal and external pain. Manuka honey has been produced from the nectar of Leptospermum flowers, and the leaves of these selected species have been used for producing essential oils. Numerous volatiles and non‐volatile active molecules have been identified from essential oils and extracts of Leptospermum. Preliminary studies have linked Leptospermum essential oils and extracts with various health promoting properties, such as anti‐microbial activity, anti‐diabetes, anticancer, and anti‐Alzheimer’s disease activities, revealing potential applications of Leptospermum as functional ingredients. To provide better understanding on Leptospermum for future research and applications, this review provides brief information on Leptospermum botanical features, outlines volatile and non‐volatile active molecules identified from Leptospermum, reviews potential health benefits, and finally proposes trends for future studies on Leptospermum.