Abstract: Cytochrome P450 enzymes represent a class of heme-containing protease widely distributed across the biological kingdom. Endowed with a broad substrate scope, diverse catalytic reaction profiles, high regio- and stereoselectivity toward substrates, and mild catalytic conditions, these enzymes stand out as superior biocatalysts with good potential of application. As one of the primary producers of natural products, Streptomyces harbors a wealth of P450 enzymes and natural product biosynthetic gene clusters (BGCs) in its genome, making it a versatile treasure trove for the generation of bioactive small-molecule compounds. This review summarizes the catalytic reactions by Streptomyces-derived P450 enzymes in natural product biosynthesis and delineates the engineering strategies for addressing the practical application challenges of P450 enzymes, aiming to provide some reference and guidance for in-depth research on P450 enzymes and their applications.