PotentillaandRubusplants of the family Rosaceae are broadly distributed in the Northern Hemisphere and contain abundant secondary metabolites, especially various types of phenolic compounds and terpenoids. Some plants in these two genera are used as non-Camelliaherbal tea in folk medicine, while others are also found to have multiple medicinal and food values. Polyphenols ofPotentillaandRubushave drawn increasing attention due to their potent antioxidant properties and their noticeable effects in the prevention of various oxidative stress-associated diseases such as cancer, inflammation, and diabetes. In the past few years, the identification and development of phenolic and other components or extracts from various plants ofPotentillaandRubushave become a major concern. In this review, we provide an updated and comprehensive overview on phytochemical ingredients and their bioactivities and molecular pharmacognosy ofPotentillaandRubus. The antioxidant properties and anti-inflammatory, antimicrobial, anticancer, and antidiabetic activities of various components and extracts are summarized. Cardio-, neuro-, and hepatoprotective effects are discussed. These studies, as well as progress in molecular pharmacognosy, provide hints for sustainable exploitation and conservation ofPotentillaandRubusnon-Camelliatea resources.