Papaya (Carica papaya L.) is a deliciously sweet tropical fruit with musky undertones and a distinctive pleasant aroma. It was first cultivated in Mexico several centuries ago but is currently being cultivated in most of the tropical countries. Everything in papaya plant such as roots, leaves, peel, latex, flower, fruit and seeds have their nutritional and medicinal significance. Papaya can be used as a food, a cooking aid, and in medicine. Papaya is considered as a low calorie nutrient dense fruit. The fresh fruit is commonly used as a carminative, stomachic, diuretic and antiseptic in many parts of the world. The nutrients and phytochemicals contained in papaya help in digestion, reduce inflammation, support the functioning of cardiovascular, immune and digestive systems and may also help in prevention of colon, lung and prostate cancers. Overall, the papaya can act as a detoxifier, activator of metabolism, rejuvenating the body and in the maintenance of body's homeostasis because it is rich in antioxidants, B vitamins, folate and pantothenic acid, and potassium and magnesium as well as fiber. Because of its high vitamin A and carotenoids contents, it can help in preventing the cataract and age-related macular degeneration. Papaya pastes can be used externally as a treatment for skin wounds and burns. This paper discusses the nutritional and medicinal value of papaya (Carica papaya L.) and its relationship to human health.