The study of health promoting and disease preventing compounds in food or by themselves, so called nutraceuticals or functional foods, has become a major field of research in food science. Natural flavor compounds are usually present in food, essential oils, spices, and herbs. These compounds can produce aroma, not only by themselves, but also in combination with other compounds. Today, however, greater interest is being paid to the health promoting properties of natural flavor substances rather than their flavoring properties. In fact, a number of naturally occurring flavor compounds that possess health promoting and disease preventing properties have been extensively studied and identified. The beneficial properties of natural volatile flavor compounds as well as non-volatile substances in spices and herbs discussed in this review include antioxidant, anticarcinogenic, anti-inflammatory, and immune enhancing activities.