Medicinal plants play an important role as sources of biologically active compounds in the pharmaceutical industry. This study is aimed at analyzing the phytochemical composition of Paeonia lactiflora and Ginkgo biloba and evaluating their pharmaceutical parameters. In the course of the study, Paeonia lactiflora roots and Ginkgo biloba leaves were used as plant raw materials. The results of the phytochemical analysis revealed the presence of flavonoids, phenolic compounds, and glycosides in both plants. Ginkgo biloba was distinguished by its high content of flavonoids and phenolic compounds, while Paeonia lactiflora showed a high level of monoterpene glycosides, particularly paeoniflorin. The presence of the main biologically active compounds was confirmed using thin-layer chromatography (TLC) and high-performance liquid chromatography (HPLC). During the evaluation of pharmaceutical parameters, moisture content, total ash, and extractive values were determined, and their compliance with pharmacopoeial requirements was confirmed. The obtained results indicate that Paeonia lactiflora and Ginkgo biloba are promising for use in pharmaceutical practice.