Papain is an enzyme having proteolytic function with cysteine protease activity obtain from papaya having green color and is acquired from latex. It is classified in superfamily. Papain has function essential of proteolysis widely for peptides of amino acid in all living beings. Present review shed light on general properties, structuring features and biological importance of papain, especially its industrial applications for different purposes, which includes food, Pharmaceuticals, Breweries, leather, meat, detergent and other fields, with the help of technological advancement; it is now used to treat lethal diseases and additionally scientist’s are taking benefit of it for drug designing so there are high demands for its export. Papain uncommon properties have been making it more appreciable commercially. Papaya is present or grows in all tropical areas as there are no seasonal limitations for its growth and papain is resistant over wide range of Ph and temperature, so it has high demand for export and there is good prospect of papain marketing. Farmers at lower levels could use this enzyme as high source of income. Through recombinant DNA technology, engineering of proteins and procedures of immobilization papain could be ideal for biotechnological and industrial applications. Researchers could explore more potent applications by understanding detail mechanism and functions of papain. Then there will be novel papain function that would fulfill the massive need for betterment of life.