Recently, supercritical fluid CO extraction (SFE) has emerged as a promising and pervasive technology over conventional extraction techniques for various applications, especially for bioactive compounds extraction and environmental pollutants removal. In this context, temperature and pressure regulate the solvent density and thereby effects the yield, selectivity, and biological/therapeutic properties of the extracted components. However, the nature of plant matrices primarily determines the extraction mechanism based on either density or vapor pressure. The present review aims to cover the recent research and developments of SFE technique in the extraction of bioactive plant phytochemicals with high antioxidant, antibacterial, antimalarial, and anti-inflammatory activities, influencing parameters, process conditions, the investigations for improving the yield and selectivity. In another portion of this review focuses on the ecotoxicology and toxic metal recovery applications. Nonpolar properties of Sc-CO create strong solvent strength via distinct intermolecular interaction forces with micro-pollutants and toxic metal complexes. This results in efficient removal of these contaminants and makes SFE technology as a superior alternative for conventional solvent-based treatment methods. Moreover, a compelling assessment on the therapeutic, functional, and solvent properties of SFE is rarely focused, and hence this review would add significant value to the SFE based research studies. Furthermore, we mention the limitations and potential of future perspectives related to SFE applications.