Paulownia is a genus of fast-growing and multipurpose tree species that is native to China. Due to their rapid growth and value in the timber market, many Paulownia species are cultivated in several temperate zones worldwide. Economic importance of Paulownia is increasing as new uses and related products are developed. It is also suitable as a lignocellulosic feedstock crop for the bioethanol industry in the Southeastern USA. A number of Paulownia species are valuable sources of secondary metabolites including flavonoids with high antioxidant activities. A high demand for planting material in domestic and international markets for afforestation and bioenergy production has necessitated the development of efficient micropropagation protocols for rapid and mass propagation of Paulownia. Over the past several decades, research on Paulownia species has been conducted to develop micropropagation, somatic embryogenesis and genetic transformation protocols for use in agroforestry and reforestation programs. Given the economic importance and current and potential future uses of Paulownia, this paper reviews the development of biotechnological approaches for plant propagation and genetic improvement, and antioxidant potential of secondary metabolites occurring in species.