The Chilean jagged lobster (Projasus bahamondei) is a deep-water crustacean (175-550 m) occurring in certain areas of the southeastern Pacific Ocean, including the Nazca Ridge, Desventuradas Islands, the Juan Fernandez archipelago and ridge, and the continental slope off the central coast of Chile. This review describes the taxonomic status, geographical and bathymetric distribution, some biological aspects and habitat characteristics of this species. Additionally, both artisanal and industrial exploitation attempts made within the region are detailed, as well as fishing operation results, chemical composition, different elaboration procedures and the destination of the catch. The main objectives of this review are to contribute to the knowledge of P. bahamondei as a component of the deep-sea ecosystem and to highlight its importance as a potential fishery resource.