Papaya is a very popular fruit grown in tropical countries and belongs to the family of Carcicaceae.  Nutritionally papaya is a rich source of carotenoids and also provides fair amounts of B complex vitamins, ascorbic acid and minerals. Papaya can be processed to obtain many preserved products such as candy, jams and jellies. It also can be converted to beverages such as ready-to-drink beverages and nectar. Dried and canned papaya products are also available. By-products of papaya such as pectin and papain are useful for the food industry. Papaya is also prized for its medicinal properties, which have been documented by many researches. The present review focuses on the salient features of nutritional composition, processed products, and medicinal uses of papaya.