Neuropsychiatric and neurodegenerative diseases are growing globally due to societal pressure and longer lifespans. Plants contain phytochemicals like ursolic acid (UA) and oleanolic acid (OA), which have therapeutic potential in treating and preventing brain diseases. OA and UA are classified as class IV drugs due to their limited intestinal permeability and poor water solubility. However, they can be dispersed throughout the brain and pass across the blood brain barrier. Studies have shown their neuroprotective benefits on various models of brain illnesses, but clinical studies on their neuropharmacological effects are currently lacking. This study aims to review the functions of UA and OA in neuropsychiatric and neurodegenerative disorders, as well as the molecular and cellular signaling pathways they may control. OA has shown promising results in treating various brain disorders, including depression and anxiety. Future research on UA and OA’s effects on neurodegenerative and neuropsychiatric disorders is limited, but they have shown promising results in treating various brain disorders. Further clinical trials are needed to corroborate these findings and develop innovative dosage forms and methods for drug administration.