In recent years, the evaluation of many plant-derived compounds as potential new drugs or functional foods has become an active research topic. The morphological characteristics of quinces of the genera Cydonia sp., Chaenomeles sp., and Pseuocydonia sp. are largely similar, which is why these fruits are often confused. Although they have been appreciated in Asia for centuries as a valuable component of local ethnomedicine, they are less known in Western countries, and scientific knowledge about their health benefits remains fragmentary. This literature review summarizes studies on the content of chemical compounds responsible for the health-promoting and functional properties of the quince fruit. It focuses on the content of carotenoids, vitamins, minerals, and carboxylic acids, although the main emphasis is on the content and diversity of bioactive polyphenols, which are extremely abundant in these fruits. The quince fruits are rich in antioxidants and compounds with proven anti-inflammatory, anticancer, antiallergic, and immunomodulatory effects. Their phytochemicals effectively regulate glycemia and improve the blood lipid profile, suggesting potential antidiabetic and cardioprotective benefits. Analysis of chemical characteristics showed that the Chaenomeles fruits. are underestimated as functional food ingredients. Studies on the molecular effects of their bioactive compounds and species-specific genomic analyses are sorely lacking in the scientific literature.