Black phosphorus (BP) or phosphorene, a new superstar among two-dimensional (2D) materials, has sparked huge scientific interest since its discovery in 2014. BP offers unique characteristics including high drug loading efficiency, excellent photodynamic and photothermal properties and good biocompatibility. These characteristics expand versatility of BP in nanomedicine. Although the outlook of BP seems promising, its practical biomedical applications are still at the very initial stage especially in comparison to other thoroughly investigated inorganic nanomaterials. This paper reviews BP structure and properties as well as its preparation approaches with the emphasis on techniques to improve BP stability and biocompatibility for their further usage in physiological environment. Meanwhile, recent progress made in various biomedical research fields from bioimaging to biosensing is discussed. Last, but not least, current challenges and prospects for BP in biomedicine are briefly examined, which will be useful to guide future developments of BP.