Lycium genus has been recognized as a favorable source of novel bioactive compounds with a variety of biological activities. Until date, numerous studies have focused on the chemical constituents and biological functions of the L . barbarum L. berries in the area of traditional medicine mainly focusing on its phytochemical and pharmacological aspects. Besides medicinal use, L . barbarum L. berries and derived food products can be classified as dietary supplement or ‘superfood’ without explicit toxicity based upon their immense health potential. We applied the holistic approach for the nutritional characterization and functional evaluation of L . barbarum L. berries. We aim to provide recent data on the chemical ingredients and their structural characterization; while placing greater emphasis on their wide-ranging in vitro and in vivo health effects. • Lycium genus is rich in different compounds with a variety of biological activities. • L . barbarum derived foods can be classified as dietary supplement or ‘superfood’. • The phytochemical composition, structure, and nutrition are discussed. • More emphasis is placed on their wide-ranging in vitro and in vivo health effects.