Medicinal plants represent an invaluable repository of structurally diverse bioactive compounds that have historically contributed to the development of clinically effective anticancer therapeutics. Over 60% of currently approved oncologic agents are derived from or inspired by natural products, underscoring the critical role of phytochemicals in cancer drug discovery pipelines. This review examines the contemporary landscape of plant-derived anticancer agents, focusing on their phytochemical diversity, molecular targets, and translational development pathways. We discuss major classes of bioactive compounds including alkaloids, terpenoids, polyphenols, and glycosides, highlighting their mechanisms of action across multiple hallmarks of cancer such as apoptosis induction, cell cycle arrest, angiogenesis inhibition, and metastasis suppression. Emphasis is placed on molecular targets and signaling pathways modulated by these compounds, including PI3K/Akt, MAPK, NF-κB, and Wnt/β-catenin cascades. The review explores modern drug discovery approaches including high-throughput screening, structure-activity relationship studies, and semi-synthetic modifications that enhance therapeutic efficacy and pharmacokinetic properties. Clinical translation of plant-derived compounds faces significant challenges including compound isolation complexity, limited bioavailability, and regulatory requirements. Nonetheless, successful examples such as paclitaxel, vincristine, and camptothecin derivatives demonstrate the transformative potential of medicinal plants in oncology. Future perspectives encompass computational drug design, nanotechnology-based delivery systems, and combination therapeutic strategies that may overcome current translational barriers and expand the anticancer arsenal derived from botanical sources.