The Epilobium species and their extracts are very popular in folk medicine, for a wide range of applications. The purpose of this review is the analysis of the pharmacological properties of Epilobium spp, considering whether their effects (e.g., anti‐inflammatory, antioxidant, antitumor, antimicrobial, analgesic, and antiandrogenic) could rationally justify the use of Epilobium as a treatment of numerous diseases. Even if numerous preclinical studies have been reported, randomized controlled clinical trials (for the evaluation of safety and efficacy), and eventually cost‐effectiveness studies (to estimate the long‐term cumulative costs), are still needed to confirm the usefulness of these medicinal plants in human diseases.