Natural sesquiterpenoids caryophyllene and caryophyllene oxide are important resources for organic and medicinal chemistry. Due to their peculiar structure, these sesquiterpenoids can be considered as a universal platform for obtaining compounds of various structures, including biologically active compounds. In this review, we have collected and summarized information on the transformations of caryophyllene and caryophyllene oxide from 1997 to 2020 and considered the issues of their use in organic synthesis to obtain O-, N-, S-derivatives and paid special attention to the use of caryophyllane sesquiterpenoids in the synthesis of natural substances. We hope that this work will be useful to researchers in the field of chemistry of natural compounds and medicinal chemistry, who are engaged in the search and development of new substances with pharmacological activity.