Bryophytes constitute a heterogeneous group of plants which includes three clades: approximately 14,000 species of mosses (Bryophyta), 6000 species of liverworts (Marchantiophyta), and 300 species of hornworts (Anthocerotophyta). They are common in almost all ecosystems, where they play important roles. Bryophytes lack developed physical barriers, yet they are rarely attacked by herbivores or pathogens. Instead, they have acquired the ability to produce a wide range of secondary metabolites with diverse functions, such as phytotoxic, antibacterial, antifungal, insect antifeedant, and molluscicidal activities. Secondary metabolites in bryophytes can also be involved in stress tolerance, i.e., in UV-absorptive and drought- and freezing-tolerant activities. Due to these properties, for centuries bryophytes have been used to combat health problems in many cultures on different continents. Currently, scientists are discovering new, unique compounds in bryophytes with potential for practical use, which, in the age of drug resistance, may be of considerable importance. The aim of this review is to present bryophytes as a potential source of compounds with miscellaneous possible uses, with a focus on volatile compounds and antibacterial, antifungal, and cytotoxic potential, and as sources of materials for further promising research. The paper also briefly refers to the methods of compound extraction and acquisition. Formulas of compounds were drawn by the authors using ChemDraw software (PerkinElmer, Boston, MA, USA) with reference to data published in various papers, the ACD/Labs dictionary database, PubChem, and Scopus. The data were gathered in February 2022.