There are more than 20,000 species of bryophytes in the world. Among them, almost all of the liverworts (Marchantiophyta) possess beautiful cellular oil bodies from which over several hundred new terpenoids and phenolic compounds with more than 40 new carbon skeletons have been isolated. Some of the isolated terpenoids and aromatic compounds from liverworts show allergenic contact dermatitis, cytotoxicity, antimicrobial, antifungal, antiviral, insect antifeedant and mortality, antioxidant, NO production and plant growth inhibitory, neurotrophic and piscicidal, tublin polymerization inhibitory, muscle‐relaxing, and liver X‐receptor alpha (LXRα) agonist and LXRβ antagonist activities among others. The bio‐ and chemical diversities, chemical analysis of bryophytes, including extraction, distillation, purification, thin‐layer chromatography (TLC), gas chromatography (GC) and gas chromatography/mass spectrometry (GC/MS), and high performance liquid chromatography (HPLC) analysis of oil bodies of liverworts, and biosynthesis of typical bis‐bibenzyls, biological activities, chemosystematics, and chemical phylogeny of bryophytes are surveyed.