The Marchantiophyta (liverworts) are rich sources of phenolic substances, especially cyclic and acyclic bis-bibenzyls, which are rare natural products in the plant kingdom, together with bibenzyls and characteristic terpenoids. At present, more than 125 bis-bibenzyls have been found in liverworts. They are biosynthesized from the dimerization of lunularic acid via dihydrocoumaric acid and prelunularin. The structurally unusual cyclic and acyclic bis-bibenzyls show various biological activities such as antimicrobial, antifungal, cytotoxic, muscle relaxation, antioxidant, tubulin polymerization inhibitory, and antitrypanosomal activities, among others. The present review article deals with the distribution and structure of bis-bibenzyls, bibenzyls, and several characteristic ent-sesqui- and diterpenoids in liverworts. Furthermore, the biosynthesis and total syntheses and biological activities of bis-bibenzyls are also surveyed.