The records of various Physalis species in Korea along with unclear descriptions and the use of multiple Korean names for a single species have led to confusion with regard to species identification in this genus. Therefore, the aim of the present study was to identify and characterize Physalis species distributed in the Republic of Korea through a literature review, specimen observations, and field surveys. Five Physalis species were found to be distributed in the Republic of Korea: P. angulata, P. lagascae, P. longifolia, P. philadelphica, and P. pubescens. Additionally, it was confirmed that part of P. fauriei and P. repens can be considered to be synonyms of P. lagascae, whereas the other part of P. fauriei is regarded as synonyms of P. pubescens. The species can be distinguished based on their life forms, presence of rhizomes, leaf serration depth, arrangement of hairs on the calyx, corolla diameter and spot color, and fruit shape and ridge number. Physalis angulata and P. pubescens are distributed in various regions, primarily in the southern and western parts of the Republic of Korea. In contrast, P. lagascae is found exclusively in limited regions of Jeju-do, Chungcheongbuk-do, and Gangwon-do, with P. longifolia and P. philadelphica found only in Yeongwol-gun of Gangwon-do. This study provides revised descriptions and an identification key along with photographs and distribution information for Physalis species in the Republic of Korea.