Diverse and abundant applications of the eutectic solvents have appeared in the last years. Their promising tunable properties, eco-friendly character and the possibility of being prepared from numerous compounds have led to the publication of numerous papers addressing their use in different areas. Terpenes and terpenoids have been employed in the formulation of eutectic solvents, though they also have been applied as solvents in extraction processes. For their hydrophobic nature, renewable character, low environmental impact, cost and being non-hazardous, they have also been proposed as possible substitutes of conventional solvents in the separation of organic compounds from aqueous streams, similarly to hydrophobic eutectic solvents. The present work reviews the application of eutectic solvents in liquid−liquid extraction and terpenes and terpenoids in extraction processes. It has been made a research in the current state-of-the-art in these fields, describing the proposed applications of the solvents. It has been highlighted the scale-up feasibility, solvent regeneration and reuse procedures and the comparison of the performance of eutectic solvents, terpenes and terpenoids in extraction with conventional organic solvents or ionic liquids. Ultimately, it has been also discussed the employ of predictive methods in extraction, the reliability of thermodynamic models in correlation of liquid−liquid equilibria and simulation of liquid−liquid extraction processes.