Secondary metabolites that have been isolated from plants, fungi, bacteria, or mammals are referred to as bioactive chemicals. Besides being important due to their pharmacological or toxicological effects on organisms, which have led to their use in the food and pharmaceutical industries, the discovery of novel properties of such compounds has resulted in an expansion of their uses, ranging from beauty products and modified biological materials to bioremediation and alternative fuels. Due to its significance in mitigating a range of chronic diseases, bioactive chemicals such as polyphenols, carotenoids, vitamins, omega-3 fatty acids, organic acids, nucleosides and nucleotides, and phytosterols have been receiving a lot of interest. As a result, there are numerous applications of bioactive compounds such as in energy sector, pharmaceutical sector, food sector and so on. This review will provide information about the different type of bioactive compounds, their sources, extraction method and their application.