Paulownia spp. is a genus of trees in the Paulowniaceae family. It is native to southeastern Asia (especially China), where it has been cultivated for decorative, cultural, and medicinal purposes for over 2000 years. Depending on taxonomic classification, there are 6 to 17 species of Paulownia; P. tomentosa, P. elongata, P. fortunei, and P. catalpifolia are considered the most popular. Nowadays, Paulownia trees are planted in Asia, Europe, North America, and Australia for commercial, medical, and decorative purposes. Lately, growing interest in Paulownia has led to the development of various hybrids, the best-known being Clone in vitro 112, Shan Tong, Sundsu 11, and Cotevisa 2. Paulownia Clone in vitro 112 is an artificially created hybrid of two species of Paulownia: P. elongata and P. fortunei. The present review of selected papers from electronic databases including PubMed, ScienceDirect, and SCOPUS before 15 November 2022 describes the phytochemical characteristics, biological properties, and economic significance of various organs from different Paulownia species and hybrids, including P. tomentosa, P. elongata, P. fortunei, and Paulownia Clone in vitro 112. Many compounds from Paulownia demonstrate various biological activities and are promising candidates for natural preparations; for example, the leaves of Clone in vitro 112 have anti-radical and anticoagulant potential. However, further in vivo studies are needed to clarify the exact mechanism of action of the active substances and their long-term effects.