Several studies have shown that the consumption of goji berries, which belong to the Lycium genus, can reduce the risk of developing carcinogenic, neurodegenerative, ocular, nephrological and liver diseases. This fruit’s functional characteristics have attracted the attention of researchers and industries from different areas. In this review, we present a critical and detailed analysis of the studies published for the last five years that are related to the techniques of geographic characterisation, biological activities in vitro and in vivo, processing methods and technological applications of goji berry. The studies demonstrate that the bioactive compounds of goji berry and their beneficial effects on the human organism are important for geographical classification, processing methods and particularly the development of new products for specific purposes. The current study will allow researchers to investigate new benefits of goji fruits and hence develop innovative products in different industrial segments.