The genus Lycium belongs to the Solanaceae family and comprises more than 90 species distributed by diverse continents. Lycium barbarum is by far the most studied and has been advertised as a “superfood” with healthy properties. In contrast, there are some Lycium species which have been poorly studied, although used by native populations. L. europaeum, L. intricatum and L. schweinfurthii, found particularly in the Mediterranean region, are examples of scarcely investigated species. The chemical composition and the biological properties of these species were reviewed. The biological properties of L. barbarum fruits are mainly attributed to polysaccharides, particularly complex glycoproteins with different compositions. Studies regarding these metabolites are practically absent in L. europaeum, L. intricatum and L. schweinfurthii. The metabolites isolated and identified belong mainly to polyphenols, fatty acids, polysaccharides, carotenoids, sterols, terpenoids, tocopherols, and alkaloids (L. europaeum); phenolic acids, lignans, flavonoids, polyketides, glycosides, terpenoids, tyramine derivatives among other few compounds (L. schweinfurthii), and esters of phenolic acids, glycosides, fatty acids, terpenoids/phytosterols, among other few compounds (L. intricatum). The biological properties (antioxidant, anti-inflammatory and cytotoxic against some cancer cell lines) found for these species were attributed to some metabolites belonging to those compound groups. Results of the study concluded that investigations concerning L. europaeum, L. intricatum and L. schweinfurthii are scarce, in contrast to L. barbarum.