We have conducted a comprehensive literature review regarding the chemical constituents and biological activities of Korean black ginseng(Panax ginseng C. A. Meyer), three to nine times-steamed and dried ginseng, which shows strong black color through Maillared browning reaction. It has been reported that some chemically deglycosylated and transformed saponins are obtained from black ginseng as artifacts produced during intensive steaming. They have been known to be ginsenosides Rg3, Rg4, Rg5, Rg6, Rh1, Rh2, Rh4, Rk1 and Rk3, quite different from those of red ginseng, among which ginsenosides Rg3, Rg5 and Rk1 are considered to be major components. And also, black ginseng has been recently found to demonstrate anticancer, recovery from learning and memory damages, hypontensive, antidiabetic, antiobesitic, tonic and antiatopic activities, together with antioxidative and exercise performance improving activities, exhibiting their effects to be a little bit stronger than those of red ginseng. These findings suggest that black ginsng might play an important role in the development of promising functional foods and drugs from the viewpoint of the chemical composition and biological activities of black ginseng with a distinction from those of white and red ginsengs. In this review, the authors will survey and evaluate further functions of black ginseng with a focus on its physicochemical properties and biological activities.