Physalis peruviana L. is an exotic fruit that belongs to the genus Physalis of the family Solanaceae. The fruit is native to South America (Peru, Colombia, and Ecuador) and is currently grown commercially in several tropical and subtropical countries (National Research Council, 1989; Novoa et al., 2006). The fruit is a juicy, ovoid-shaped berry with a diameter of 1.25-2.50 cm and a weight of 4-10 g, containing 100-200 small seeds. It is protected against insects, birds, diseases, and adverse weather conditions by the calyx, or fruit basket, which encloses it completely throughout development and maturation (Tapia & Fries, 2007). This plant has been cultivated since the Incan period (National Research Council, 1989). It is produced in Colombia, Kenya, Zimbabwe, Australia, New Zealand, India, Ecuador, the United States, Brazil, Venezuela, Bolivia, Peru, Chile, Central America, Mexico, Belize, Guatemala, El Salvador, Nicaragua, Costa Rica, Panama, Jamaica, South Africa, Gabon, Egypt, China, Japan, the Philippines, Malaysia, Indonesia, Samoa, Tonga, New Caledonia, Guam, the United Kingdom, Israel, and Portugal (Guine´ et al., 2020). Its nutritional and bioactive properties make P. peruviana highly suitable for the production of functional foods (Campos et al., 2018). The pulp, in particular, is a good source of provitamin A, vitamin C, vitamin B complex, phenolic compounds, and several minerals of nutritional importance (Bazalar Pereda et al., 2019; Nocetti et al., 2020; Obrego´n et al., 2021). Fruit is a rich source of beneficial nutrients, including minerals, vitamins, fibers, carotenoids, proteins, fructose, sucrose, esters, pectins, flavonoids, polyphenols, polyunsaturated fatty acids (PUFAs), and phytosterols (Mazova et al., 2020). The extract contains a variety of chemical compounds, including saponins, withanolides, kaempferol, peruvioses, quercetin, and di- and tri-glycosides (Bernal et al., 2018; Dong et al., 2019; Ocampo et al., 2017); some of which have shown antioxidant (Puente et al., 2011), hypoglycemic, and anticancer properties (Ramadan, 2020; Xu et al., 2017). Consuming this fruit reduces blood sugar after 90 minutes (postprandial glycemia) in young adults, with a further hypoglycemic effect after that time (Ulloa, 2007). This crop is a good alternative for the production sector in many countries because it may have a positive economic impact due to the good prospects and interest in the global trade of fruits and berries, as well as consumer demand for fruits with medicinal properties (Fischer et al., 2011; Oliveira et al., 2016). This review is aimed at presenting updated information on the physicochemical, nutritional, and bioactive properties of various genotypes of P. peruviana L. grown worldwide to assess their utility in the development of functional foods and ingredients, as well as in their fresh consumption.