The lipolytic enzymes of Carica papaya have been the subjects of a growing research activity in the last years due to the structural characteristics, substrate specificity over lipases from different sources and the wide availability from the large worldwide figures of papaya agro-waste. This review attempts to present an inclusive discussion of the recent advances of these lipolytic enzymes starting from findings related to their structure and mechanism and later examining the most employed pretreatments and the general optimized parameters for its use. Furthermore, individual sections comprising applications in glycerolipid modification, catalysis for the synthesis of non-glycerolipid products and the kinetic resolution of racemic compounds are discussed. The attractive features of CPL cited in this literature survey serve as an invitation for other research groups interested in the development of new and sustainable biochemical technologies.