Oleo-gum-resins, complex natural products derived from various plant species, have been traditionally valued for their therapeutic and aromatic properties. This review aims to provide a comprehensive overview of oleo-gum-resins, focusing on their occurrence, extraction methods, and biological potential. Oleo-gum-resins such as frankincense, myrrh, copal, and guggul are sourced from the exudates of trees belonging to genera like Boswellia, Commiphora, and others, predominantly found in regions of Africa, the Middle East, and India. The extraction of oleo-gum-resins has evolved from traditional manual tapping techniques to modern methods such as supercritical fluid extraction, microwave-assisted extraction, and ultrasound-assisted extraction, enhancing yield and purity. These advancements have facilitated more efficient and sustainable harvesting practices, aligning with conservation efforts. The biological potential of oleo-gum-resins is vast, encompassing antiinflammatory, antimicrobial, antioxidant, and anticancer activities. Their therapeutic properties are attributed to a rich composition of bioactive compounds, including terpenoids, phenolic acids, and flavonoids. Frankincense, for instance, contains boswellic acids known for inhibiting proinflammatory enzymes, while myrrh has shown significant antibacterial and antifungal activities. Recent studies also highlight the cytotoxic effects of guggulsterones from guggul resin against various cancer cell lines.