Historically all parts of Muria Puama have been used medicinally, but typically it is the bark and root of Ptychopetalum olacoides which is harvested and used both traditionally and in current herbal products. It contains long-chain fatty acids, plant sterols, coumarin, lupeol, and the alkaloid muirapuamine. There is a second almost identical species, Ptychopetalum uncinatum, which is sometimes used as a substitute with the only noticeable difference being a lower concentration of the chemical lupeol.

The root and bark are used for a variety of ailments by indigenous peoples in the Rio Negro area of South America, but the effectiveness of Muira Puama preparations are disputable.However, in a 1990 study conducted by Dr. Jacques Waynsberg at the Institute of Sexology in Paris, 62% of men who took muira puama extract noted an increase in sex drive and 51% of participants reported an increased ability to produce an erection.