Lycium barbarum L. is a Chinese indigenous plant similar to Goji berries and commonly called as Chinese Wolfberry. They have been used as a tonic in traditional Oriental medicine. Their fruits are usually small and oval in shape and reddish orange in color, and they are known to have a sweet but coarse taste. Animal studies suggest that they might have hypotensive, hypoglycemic and antipyretic activities and prevent some types of ulceration. Particularly, Lycium barbarum polysaccharide (LBP), extracted from L. barbarum, is found to have bioactivities such as anticancer, antioxidant, hypoglycemic and immunological activities. The beautifying property of lycium fruit may have some scientific basis after all which may justify its use in skin-care cosmetics, as the anti-aging properties come from one of the ingredients found in the berry, called polysaccharide. This ingredient triggers and boosts the production of growth hormones that in turn rejuvenates the cells in the body keeping them supple and young. It is also believed to improve eye sight, the strength of legs and knees, and human longevity. In the present study pharmacognsotic studies are carried out to authenticate and standardize this herb.