The most important information concerning thermal conversions of vegetable terpenes (α-pinene, β-pinene, turpentine, and cis-verbenol) in supercritical lower alcohols is systematized. The kinetics of selected reactions is reported and is compared with the kinetics of the same reactions in the gas and liquid phases. Thermodynamic calculations of the phase states and kinetic parameters are presented for a number of multicomponent multiphase systems containing terpenes and lower alcohols. The effect of the supercritical solvent pressure on the rate and selectivity of the selected reactions is reported.