ABSTRACT Marine‐derived Aspergillus versicolor is a prolific source of structurally novel bioactive natural products, owing to its remarkable metabolic adaptability to extreme marine environments. This review comprehensively summarizes recent advances (2015–2024) in the characterization of secondary metabolites from marine‐derived A. versicolor . A total of 488 compounds have been documented in the literature, among which 162 (33.2%) are new and 158 (32.4%) exhibit confirmed bioactivity. These metabolites, primarily comprising polyketides, alkaloids, terpenoids, and cyclic peptides, were predominantly isolated from fungal strains associated with marine animals (39.6%), sediments (23.4%), and plants (26.8%). Pharmacological evaluations have revealed potent activities, including antimicrobial (37.1%), enzyme inhibitory (19.5%), antitumor (11.7%), antioxidant (8.8%), and antiviral (7.8%) effects. In this review, particular emphasis is placed on a detailed survey of the 158 bioactive compounds, encompassing their structural diversity, biological sources, associated activities, and mechanisms of action. To fully exploit the biotechnological potential of marine A. versicolor , future efforts should integrate multi‐omics and metabolic engineering approaches to elucidate and harness its biosynthetic capabilities.