Phase‐I metabolism mediated by cytochrome P450 (CYP) enzymes represents a major route of elimination of many drugs that can compete for the same CYP enzyme. The bioactivity of essential oils (EOs) and their flavour and fragrance constituents have been known since ancient times, and like any other physiological process in the human body the activity of CYP enzymes can also be influenced (increased and/or decreased) by these natural compounds. This review discusses the effects of EO constituents on important drug‐metabolizing CYP enzymes. Exposure to EO constituents through commonly used products via cutaneous, oral, and inhalation routes is outlined, and the impact of some important EO constituents on CYP enzymes is described in more detail. In particular, the simultaneous application of EO constituents with drugs or the excessive use of EOs and their constituents can lead to unexpected adverse effects.