Physalis angulata is a specie of the Solanaceae family, which edible fruit is used in several countries of tropical and subtropical regions of the world as medicinal and fruit-tree. This review shows research over the last 30 years, about traditional uses, chemical constituents and pharmacology of this specie. The studies related to traditional uses show that P. angulata is known for its antimalarial, anti-inflammatory and post-partum treating properties. It presents the different pharmacological experiments in vitro and in vivo models that have been made, also the identification of phytochemical constituents with medicinal importance, the main being physalins and withanolides. Pharmacological studies have shown antiparasitic, anti-inflammatory, antimicrobial, antinociceptive, antimalarial, antileishmanial, immunosuppressive, antiasthmatic diuretic, and antitumor activities, thus validating its traditional uses and demonstrating the great potential of this specie for further development within the pharmaceutical industry. © 2013 Boletín Latinoamericano y del Caribe de Plantas Medicinales y Aromáticas.