Two-dimensional (2D) materials are the focal point of intensive research efforts due to their unique properties and ability to reveal fascinating new phenomena. As an analog to graphene, phosphorene is a monolayer of black phosphorus crystals. Phosphorene obtained a special place among the family of 2D semiconducting materials because of its fascinating features such as high optical absorption, high carrier mobility, and several other attractive features having an exceptional interest in electronic and optoelectronic applications. The anisotropic orthorhombic crystal structure of phosphorene provides remarkable mechanical, electronic, optical, and transport properties. This review summarizes phosphorene's chemical and physical properties and highlights the recent progress made in the synthesis. The application of phosphorene-based devices in high-speed electronics and optoelectronics has been surveyed. Also, sufficient emphasis has been given to emerging biomedical applications. Finally, phosphorene's remaining challenges and potential applications are outlined.