Guava (Psidium guajava L.) fruit is also known as the apple of tropics, belongs to the family of genus Psidium, and is widely cultivated in tropical zones of the world. Recently, the importance of guava fruit has increased due to its inherent nutritional content, pleasant aroma, excellent flavor, and delicious taste. It is considered an excellent source of nutrients and phytochemicals. Guava is a climacteric fruit that continues to mature or ripen even after harvest, showing an increase in the rate of respiration and metabolic activities within a short period, leading to rapid senescence or spoilage of fruit. It has limitations in terms of commercialization due to short storage life after harvest and sensitivity to diseases and chilling injury during the storage period. Many postharvest technologies such as edible packaging, modified atmosphere packaging (MAP), composite packaging, controlled atmosphere packaging (CAP), antimicrobial/antifungal packaging, and nano packaging have been used to retard the chilling injury and enhance the keeping quality of guava fruits during the storage period to control respiration rate, reduce weight loss, minimize lipid oxidation, and maintain organoleptic properties. However, these packaging technologies have varied effects on the internal and external quality attributes of guava fruits. This review, therefore, discusses the physiology, mechanism of ripening, oxidation, and ethylene production of guava fruits. The review also discusses the packaging technologies and their effect on the postharvest characteristics of guava fruits during the storage period.