The terpenoid constituents of Targionia lorbeeriana grown in vivo and in vitro were compared. The analysis of the dichloromethane extract was performed by HPLC-UV and by HPLC-MS. The obtained results revealed that the sesquiterpene lactones isolated from the dichloromethane extract of the wild Targionia lorbeeriana were also produced by the liverwort in in vitro cultures, in the same relative amounts. The composition of essential oils was evaluated by GC and GC-MS. Both, the yield and diversity of the essential oil obtained from wild growing T. lorbeeriana gametophytes were higher than those growing in vitro. Although, a significant number of compounds produced in vivo were maintained in vitro, a considerable number of other ones were not detected. Instead, under in vitro conditions, some new compounds were found which do not accumulate under wild conditions.