Carica papaya L., commonly known as papaya, is a widely cultivated fruit tree in tropical and subtropical regions. Its fruit is consumed globally, either fresh or as a vegetable, and is also widely utilized in processed forms. Renowned for both its palatability and health benefits, nearly all parts of the plant—including the fruit, roots, bark, peel, seeds, and pulp—exhibit medicinal properties. These therapeutic effects are primarily attributed to the plant’s rich content of vitamins A, B, and C, as well as proteolytic enzymes such as papain and chymopapain, which possess antiviral, antifungal, and antibacterial activities. Recent research has provided substantial insights into the biological functions and pharmacological potential of papaya, establishing it as a valuable nutraceutical resource. This review highlights the fruit's nutritional profile and explores the medicinal attributes of its various components.