Neuropeptides, which play a role in communication between nerve cells, are short polypeptide chains that regulate various physiological processes in the central and peripheral nervous systems. Research into these molecules, which gained momentum from the 1950s onwards, differs from classical neurotransmitters in terms of their synthesis pathways, receptor binding properties, and reuptake mechanisms. They exert their effects primarily through G-protein-coupled receptors. Phoenixin (PNX) is a neuropeptide identified in 2013 and exhibits high expression levels in centres such as the hypothalamus, pituitary gland, and heart. The two main forms of PNX are PNX-14 and PNX-20. PNX, which exerts its effects via GPR173, was initially thought to affect the reproductive system; however, it has been shown to play a role in many processes such as anxiety, food intake, memory, inflammation, and the cardiovascular system. Due to its multifaceted physiological effects, PNX is considered a potential therapeutic target. However, due to the lack of human-based research, more studies are needed for clinical applications.