Papaya (Carica papaya Linn.) is commonly known for its food and nutritional values throughout the world. The medicinal properties of papaya fruit and other parts of the plant are also well known in traditional system of medicine. Since, each part of papaya tree possesses economic value; it is grown on commercial scale. During the last few decades considerable progress has been achieved regarding the biological activity and medicinal application of papaya and now it is considered as valuable Nutraceutical fruit plant. It can be chosen as a source of Papain for the development of various industrial and pharmaceutical products. In the present review nutritional value of the fruit and medicinal properties of its various parts have been discussed to provide collective information on this multipurpose commercial fruit crop. These products mainly contains are Antimicrobial, Antimalarial, Ant amoebic, and Antifungal. Ripe papaya fruit is most commonly consumed like a melon. It can be peeled, the seeds removed, cut into pieces and served as a fresh fruit. It can also be cut into wedges and then served with lime or lemon. Ripe pawpaw is also used in jam, jelly, candy, chutney and other products containing added sugar.