The demand for low elastic modulus and biocompatible load-bearing implants has experienced a significant surge in recent times. Gum metal, a noteworthy category of β-Ti alloys, has gained substantial recognition in the biomedical field. This is primarily attributed to its remarkable blend of characteristics, encompassing non-toxic and biocompatible elements, a low elastic modulus, superelasticity, and high strength. Achieving these properties involves precise electronic criteria within their composition and substantial deformation, often through cold swaging. Recent years have seen innovative processing methods and alloy compositions to meet these requirements, expanding Gum metal's properties and applications. This review offers a thorough look at Gum metal, covering its discovery and highlighting its unique properties, with a particular focus on its relevance in the biomedical field. It critically analyzes the various phases of Gum metal and delves deeply into its deformation mechanism, unveiling its exceptional shape recovery capability even after significant deformation. Theoretical alloy design strategies for Gum metal are addressed, providing a glimpse into the ongoing efforts to optimize its performance for biomedical applications. The impact of oxygen on the Gum metal's properties is explored. The review also scrutinizes biocompatibility and corrosion behavior studies conducted on Gum metal, emphasizing its appropriateness for biomedical implants. Finally, various fabrication and processing routes for Gum metal are reviewed, offering insights into the techniques employed to harness its potential for practical applications.