Safe proteolytic enzymes in cosmetic formulation can reduce the signs of aging by improving natural defense systems and by protecting the skin from the ravages of time and environmental attack. Cosmetic compositions comprising proteolytic enzymes removes the stratum corneum of the skin, thus enhances the penetration of other active components, including biological components, into the underlying layers of the skin. Study of proteolytic enzyme papain have become fertile and exitic field of basic as well as applied research because of its pharmaceutical and industrial applications. It has also been implicated in the design and synthesis of therapeutic target as well as in the food processing industry. This paper has discussed at length the cosmetic attributes of papain which could be utilized in cosmetic formulations as a potential antiaging and exfoliative agent.