Plants produce an incredible variety of volatile organic compounds (VOCs) that assist the interactions with their environment, such as attracting pollinating insects and seed dispersers and defense against herbivores, pathogens, and parasites. Furthermore, VOCs have a significant economic impact on crop quality, as well as the beverage, food, perfume, cosmetics and pharmaceuticals industries. These VOCs are mainly classified as terpenoids, benzenoids/phenylpropanes, and fatty acid derivates. Fruits and vegetables are rich in minerals, vitamins, antioxidants, and dietary fiber, while aroma compounds play a major role in flavor and quality management of these horticultural commodities. Subtle shifts in aroma compounds can dramatically alter the flavor and texture of fruits and vegetables, altering their consumer appeal. Rapid innovations in -omics techniques have led to the isolation of genes encoding enzymes involved in the biosynthesis of several volatiles, which has aided to our comprehension of the regulatory molecular pathways involved in VOC production. The present review focuses on the significance of aroma volatiles to the flavor and aroma profile of horticultural crops and addresses the industrial applications of plant-derived volatile terpenoids, particularly in food and beverages, pharmaceuticals, cosmetics, and biofuel industries. Additionally, the methodological constraints and complexities that limit the transition from gene selection to host organisms and from laboratories to practical implementation are discussed, along with metabolic engineering’s potential for enhancing terpenoids volatile production at the industrial level.