(+)-Larixol and larixyl acetate are well known labdane-type diterpenoids widely used in organic synthesis. The chemistry of (+)-larixol had a slower evolution compared to other diterpenoids and the peak of its heyday can be considered the 2000s. During this period, the most important works describing the syntheses based on (+)-larixol and its acetate appeared, some of them being mentioned in reviews devoted to diterpenes. So far, however, no review has been published dedicated exclusively to chemistry of (+)-larixol and larixyl acetate, neither phytochemical investigation of sources containing these compounds nor their biological activity study. The present review seeks to cover and fill in the gaps regarding these topics based on available scientific data published after the 2000s.