The family Myrtaceae is known for its high foliar terpene concentrations as well as significant qualitative and quantitative variation in foliar terpenes between taxa, populations and individuals. To date, few studies have investigated the genetic and biochemical processes, which underlie this variation, much of which is known to be under genetic control. Differences in yield are both ecologically and commercially important and a better understanding of its basis will allow a greater understanding of Australian ecosystems as well as improve commercial viability of essential oil industries. Over the past decade a good understanding of the genes involved in terpene biosynthesis has developed in other species and several important regulatory steps have been identified. Much of this work has been done in transgenic plants, so our understanding at a molecular level is strong. Nonetheless, it remains unclear if these processes are transferrable to wild populations, or indeed how ecologically important quantitative variation in terpenoids arise and are maintained in natural ecosystems. In this review we will summarize what is known about terpene biosynthesis and the control of flux through the terpene biosynthetic pathways. We will then argue that this platform of work provides a great resource for Myrtaceae, as well as other plants, to identify candidate genes that control flux through the biosynthetic pathways and how this will inform further studies into the ecological implications of quantitative variation of terpenes. Work into terpene biosynthesis would also provide a framework to improve the profitability of essential oil crops.