Triterpenes are a diverse group of natural compounds having molecular formula C30H48. These compounds play a major role in the health, food, and industrial biotechnology sectors. Numerous analytical methods such as gas chromatography (GC), high-performance liquid chromatography (HPLC), capillary electrophoresis (CE), thin-layer chromatography (TLC), supercritical fluid chromatography (SFC), nuclear magnetic resonance spectroscopy (NMR) have been used by the researchers to separate, purify, identify, or quantify triterpenoids in plant materials. This chapter addresses the various types of triterpenoids, including steroids, saponins, and phytoecdysteroids, their phytochemistry and ethnopharmacology. Furthermore, various techniques for extraction, identification, and quantification of triterpenes are compiled. The level of triterpenoids found in food and plants is also briefly discussed. Finally, this chapter gives a concise insight regarding the application of tripterpenoids, particularly in biological and pharmaceutical fields.