The term "ginseng" is derived from the Chinese term "jen-shen," which means "in the image of a man." Ginseng refers to several species of Panax of which Panax quinquefolius L., American ginseng, and Panax ginseng C.A. Mey. Panax is derived from the Greek word meaning "panacea" or "all-healing". The species ginseng is said to mean, "wonder of the world"; both terms refer to the medicinal virtues of the plant.

There are three main species of ginseng, Oriental, Siberian and American. Oriental ginseng has been used in traditional Chinese medicine for thousands of years. Native Americans have likewise used American ginseng for all of their recorded history.

While all three forms share many common elements, there are differences among them. Siberian ginseng is not truly ginseng at all, but rather a distant cousin to the Oriental species. The stems, leaves, and roots of Panax species contain biologically active saponin glycosides, such as ginsenoside and panaxoside, as well as sugars, starch, mucilage, and a volatile oil. Most of the ginsenoside is located in the cambium.

Ginseng is held in high esteem because of its use as a medicinal plant. All forms of ginseng are said to aid in reducing stress, improving vitality and boosting the immune system. As a medicinal plant, ginseng seems was used as a remedy for all ailments, including depression, diabetes, fatigue, aging, inflammations, internal degeneration, nausea, tumors, pulmonary problems, dyspepsia, vomiting, nervousness, stress and ulcers. It has also been used to increase the appetite and bodily energy, regulate menses, ease childbirth, increase fertility of women and treat periodontal disease. Some consider it an aphrodisiac, stimulant, stomachic, and demulcent. Ginseng roots shaped like the human body are considered highly desirable. In particular, old roots are prized because their longevity is claimed to be transferred to whomever who consumes them.