The phytochemistry of the fragrant infected heartwood of Aquilaria and Gyrinops species, agarwood (oud), is critically reviewed, highlighting the use of this remarkable natural raw material in perfumery. The chemistry of the two main groups of constituents of agarwood (sesquiterpenoids and chromones) is discussed, focusing particularly on the former structural type. The identities of the main key odorants of agarwood essential oil and of the smoke produced by heating the wood of agarwood are also discussed.