Guava (Psidium gujava) is a worldwide popular tropical fruit generally consumed fresh. Fruits are characterized by low content of carbohydrates, fats, and proteins, and a high content of vitamin C and phytochemicals, such as polyphenols and carotenoids, in the nutrition profile. The traditional therapeutic benefits of guava for metabolic disorders, gut infection, diabetes, and obesity are well known; these important physiological properties of guava beyond its basic nutrition creates a future surge of research and development in the food industry. Studies on the medicinal importance and food processing of guava enriched biscuits, cakes, jams, jellies, marmalades, etc. were included in this review. Guava contains immense bioactive potentials which need an extensive exploration in various dimensions of high-value commodity products in the area of functional foods for the health and well-being of society. © 2019 Elsevier Inc. All rights reserved.