The protein tyrosine phosphatase interacting protein 51(PTPIP51) was a conserved protein whose amino acid sequence of human was found sequence homology with several other mammalian species. The expression profile of PTPIP51 protein were widely found in human and there were several different calculated molecular masses of the protein in a tissue-specific manner. The protein interacted with different signaling partners playing variety functions in human tissues. Interacting with its receptor complexes, signaling cascades of different pathways were activated and promoted mediating cells proliferation, differentiation, apoptosis and motility. In this paper, we will review the biological characteristics, and gene expression, regulation, signal ligands and the physiological functions and relationship with human tumors of PTPIP51.