The beginning of scientific research in Ethiopia is expected following the establishment of Addis Ababa University in 1950 as the University College of Addis Ababa. Despite this milestone, the progress of biochemical studies on Ethiopian plants remains unclear. This comprehensive review aims to collect original scientific research on ethnobotanical, biological, and phytochemical studies of Ethiopian medicinal plants published in 1960–2020. The review was conducted using PubMed and ScienceDirect databases and certain appropriate descriptors. The ethnobotanical, biological, and phytochemical studies of Ethiopian plants were started in 2003, 1990, and 1975, respectively. Of the 3092 papers retrieved for ethnobotanical studies, 75 focused on Ethiopian medicinal plants, mainly Allium species, Hagenia abyssinica, Vernonia amygdalina, Ocimum species, Rhamnus prinoides, Solanum incanum, Azadirachta indica, and Phytolacea dodecandra. Out of 2346 papers, 115 were specific to biological activities of Ethiopian plants, with 35 discussing antimicrobial and 22 highlighting antimalarial activities. Ninety-five out of 2082 papers reported the isolation of compounds from Ethiopian plants, with 40% exploring their biological activities. Aloe, Artemisia, and Vernonia species were frequently mentioned in the phytochemical studies. In conclusion, this review can be used as preliminary data to dereplicate already-reported works and support the ongoing establishment of an Ethiopian pharmacopoeia.