With growing consumer demand for natural products, greener extraction techniques are found to be potential alternatives especially for pharmaceutical, nutraceutical, and cosmetic manufacturing industries. Cavitation-based technology has drawn immense attention as a greener extraction method, following its rapid and effective extraction of numerous natural products compared to conventional techniques. The advantages of cavitation-based extraction (CE) are to eliminate the application of toxic solvents, reduction of extraction time and to achieve better extraction yield, as well as purity. The cavitational phenomena enhance the extraction efficiency via increased mass transfer rate between the substrate and solvent, following the cell wall rupture, due to the intense implosion of bubbles. This review includes a detailed overview of the ultrasound-assisted extraction (UAE), negative pressure cavitation (NPC) extraction, hydrodynamic cavitation extraction (HCE) and combined extractions techniques which have been implemented for the extraction of high-value-added compounds. A list of essential parameters necessary for the maximum possible extraction yield has been discussed. The optimization of parameters, such as ultrasonic power density, frequency, inlet pressure of HC, extraction temperature and the reactor configuration denote their significance for better efficiency. Furthermore, the advantages and drawbacks associated with extraction and future research directions have also been pointed out.