The plant kingdom is considered to be a repository of modern medicine, attributable to their rich source of bio-active molecules and secondary metabolites. It is indeed the Nutraceuticals that enhance immunity and ensure a healthier life because of their prophylactic and therapeutic values. Over centuries, papaya [Caricaceae; (Carica papaya Linn.)] is a renowned nutritious and medicinal plant. Each part of the papaya like root, stem, leaf, flower, fruit, seed, rinds, and latex has its own nutraceutical properties. It serves as food, cooking aid, and Ethnomedicine to prevent and treat wide-range of diseases and disorders. It has also been traditionally used as appetite enhancer, meat tenderizer, purgative, medicinal acne, abortifacient and vermifuge. Over decades, a series of scientific attempts were made to authenticate the nutraceutical properties of papaya. These studies validated that the papaya has antiplasmodial, antitrichochramal, antitrichomonal, antidengue, and anti-cancer activities. They have also exhibited that papaya possesses antiseptic, antiparasitic, anti-inflammatory, antidiabetic, and contraceptive features, and it helps in the management of sickle-cell anaemia, HIV, heart diseases and digestional disorders too. Nevertheless, the responsible bio-active molecules and their mode of actions remain indistinct and imprecise, and this calls for further pharmacological and clinical research on them. Conclusively, papaya is one of the naturally gifted plants; though its nutraceutical properties as a food or as a quasi-drug are poorly understood or undervalued by people. Accordingly, this scrutiny, demand for instigation of public health awareness campaigns to promote papaya consumption, so that the society shall acquire optimal benefits of papaya and in turn prevent and alleviate various diseases and illness.