During the past few years, research has focused on the microbial transformation of a huge variety of organic compounds to obtain compounds of therapeutic and/or industrial interest. Microbial transformation is a useful tool for organic chemists looking for new compounds, as a consequence of the variety of reactions for natural products. Terpenoids are a large family of natural products exhibiting a wide range of biological activities such as antibiotics, anti-inflammatory, anti-HIV and anti-tumor effects; hypotensive agents; sweeteners; insecticides; anti-feedants; phytotoxic agents; perfumery intermediates; and plant growth hormones. This article describes the biotransformation products of diterpenoids and triterpenoids in a variety of biological media. Emphasis is placed on reporting the metabolites that may be of special interest as well as the practical aspects of this work in the field of microbial transformations. This review covers the literature from 1991 to 2012.