Cannabaceae plants Cannabis sativa L. and Humulus lupulus L. are rich in terpenes – both are typically comprised of terpenes as up to 3–5% of the dry-mass of the female inflorescence. Terpenes of cannabis and hops are typically simple mono- and sesquiterpenes derived from two and three isoprene units, respectively. Some terpenes are relatively well known for their potential in biomedicine and have been used in traditional medicine for centuries, while others are yet to be studied in detail. The current, comprehensive review presents terpenes found in cannabis and hops. Terpenes' medicinal properties are supported by numerous in vitro, animal and clinical trials and show anti-inflammatory, antioxidant, analgesic, anticonvulsive, antidepressant, anxiolytic, anticancer, antitumor, neuroprotective, anti-mutagenic, anti-allergic, antibiotic and anti-diabetic attributes, among others. Because of the very low toxicity, these terpenes are already widely used as food additives and in cosmetic products. Thus, they have been proven safe and well-tolerated. •The current, comprehensive review presents terpenes found in cannabis and hops.•Cannabaceae plants Cannabis sativa L. and Humulus lupulus L. are rich in mono- and sesquiterpenes.•Some terpenes are known for their potential in biomedicine and have been used in traditional medicine for centuries.•A wide variety of terpenes' medicinal properties are supported by numerous in vitro, animal and clinical trials.•Because of the very low toxicity, these terpenes are safe and well-tolerated and have good therapeutic index.