Litsea cubeba (Lour.) Pers. is an important economic tree. We aimed to explore the phenotypic diversity of wild L. cubeba provenances from Jiangxi province and identify the germplasms with desirable characteristics. Nest variance analysis, multiple comparisons, correlation analysis, path analysis, redundancy analysis, and cluster analysis were conducted to compare the phenotypes of 526 wild L. cubeba trees from 27 provenances. We detected significant differences in the growth traits, fruit traits, and essential oil (EO) content of L. cubeba provenances, as well as significant differences in tree height, thousand seed dry weight, and the proportion of five essential oil components (citral, neral, geranial, D-limonene, and citronellal) within the provenances. The fresh fruit yield (FFY) was mainly determined by the ground diameter and the annual average minimum temperature. The EO content was mainly affected by the water content, annual average temperature, longitude, and latitude. The proportion of citral (CitrP) was negatively affected by extreme low temperatures. Four individual L. cubeba trees had a high FFY of over 10.00 kg·tree−1. Two trees had a high EO content exceeding 5%, with their CitrP over 80%. The provenances with high FFY were Guixi and Yushan (2.65 kg·tree−1; 2.89 kg·tree−1). The provenances with a high EO content of about 4.00% were Dayu, Yudu, Ji’an, Xinfeng, and Yushan. The provenance with the highest CitrP level (80.61%) was Ningdu.