The genus Viscum includes many species that are mainly distributed in Europe, Africa, Asia, America, and Australia. Viscum extracts or their various preparations are widely used as complementary and alternative medicines in the treatment of various ailments. In the present review, articles related to the phytochemical composition of mistletoe were selected, depending on the host tree on which it grows, as well as articles in which its beneficial effects were highlighted. Viscum contains different active ingredients, including lectins, viscotoxins along with phenolic acids, flavonoids, alkaloids, terpenoids, and polysaccharides. Based on its composition, mistletoe extract is associated with multiple bioactivities, including anticancer, anti-inflammatory, and cardiovascular disease, attenuating the side effects of chemotherapy and enhancing immunity. The purpose of this review was to highlight the link between the host tree and the bioactive components of mistletoe such as lectin and viscotoxin, with a focus on phenolic compounds such as flavonoids and phenolic acids. The potential therapeutic effects of mistletoe are summarized by subspecies and host trees. Numerous mistletoe-based patents with various applications have been developed and presented in this review. Mistletoe is a medicinal plant with great biological potential that is worth exploring for various targeted treatments.