The fruits of Panax species can serve as raw materials for functional foods and as resources for drug development. Their extracts have achieved preliminary translational applications in the fields of health food and medicine, demonstrating market potential. This article selects five Panax species commonly used in clinical practice, including P. ginseng C. A. Mey., P. quinquefolium L., P. notoginseng (Burk.) F. H. Chen, P. japonicus C. A. Mey., and P. japonicus C. A. Mey. var. major (Burk.) C. Y. Wu et K. M. Feng, and systematically elaborates on the research progress regarding the bioactive components, medicinal value, and current status of development and utilization of their fruits.