An overview of the subspecies of Paullinia obovata in Peru is presented, recognizing five subspecies. One new subspecies, P. obovata subsp. flava Weckerle & Igersheim, is described. Paullinia brentberlinei is transferred to the rank of subspecies of P. obovata. Three varieties of P. obovata, i.e., var. obovata, var. polymorpha, var. subrotunda, are recognized at the subspecies level. All subspecies are illustrated, and their comparative morphological features are compared in a table.