Phytoestrogens are a diverse group of plant-derived compounds that structurally or functionally mimic mammalian estrogens and show potential benefits for human health. They can serve as potential alternatives to the synthetic selective estrogen receptor modulators which are currently being used in hormone replacement therapy. Estrogens play many important physiological roles in men and women. In women, life is severely affected by a variety of estrogen-related conditions such as osteoporosis, cognitive and cardiovascular disease, increased risk of breast cancer and other symptoms that decrease the overall quality of life. Phytoestrogens are effective in maintaining bone mineral density, prevent bone loss, and help in the prevention and/or treatment of such health related problems. They can be classified as flavonoids, isoflavonoids, coumestans, stilbenes, lignans and terpenoids. The main isoflavones, genistein and daidzein found in soybean, can exist as glucosides or as aglycones, and are readily hydrolyzed in the gut to their aglycones. The aglycones are easily transported across intestinal epithelial cells. Terpenoids (ferutinine, tschimgine, and tschimganidine) found in the Umbelliferae family have estrogenic activities. The main dietary source of phytoestrogenic stilbenes is trans-resveratrol from red wine and peanuts. Plant-derived foods may be an adequate source for a variety of phytoestrogens capable of producing a range of pharmacological effects and protection from various life threatening diseases. This article provides the comprehensive information about the main groups of phytoestrogens, their food as well as herbal or botanical sources, potential health benefits and probable health hazards.