Alopecia is a common chronic skin disease, which can be categorized as androgenetic alopecia (AGA), scarring line alopecia, genetic alopecia, and chemical alopecia due to the different reasons. Among which AGA caused by metabolism of the androgen system accounts for the majority. Due to the high prevalence of AGA and the lack of an effective cure, the urgent search for a safe and effective anti‐AGA drug has been our aim. With the advantages of its own wide source and low toxicity and side effects, the use of natural bioactive compounds and their extracts in the treatment of AGA has been a research hotspot. The objective of this work is to compile and synthesize experimental findings on natural bioactive compounds that possess the potential to alleviate AGA. On the basis of the known pathogenesis of AGA, combined with the target analysis of AGA by network pharmacology, identify natural bioactive compounds and their signaling pathways for the treatment of alopecia and hair growth promotion, and select representative hotspot compounds, to reveal their specific mechanisms and abstract the commonalities. Based on previous extensive research, hundreds of AGA targets (e.g., Wnt, TGF, and VEGF) closely regulate neogenesis, tissue development, and vascular function, to collect and summarize compounds such as ginseng, baicalein, curcumin, and so on, which have great potential to improve hair growth. Our work will inspire future research based on their mechanisms of action, providing more complete evidence and ideas for the feasibility of developing natural anti‐AGA drugs.