The yeast Candida parapsilosis is an opportunistic human pathogen frequently associated with nosocomial infections in neonates and patients with diminished immunity. A growing number of studies powered by recent advances in molecular genetics and genomics provide a background for uncovering the molecular basis of its virulence that suggests promising avenues for therapeutic intervention against this pathogen. Importantly, these studies also revealed several unique genetic and physiological features absent in model organisms, such as baker's and fission yeasts. Hence, besides the clinical impact, C. parapsilosis represents an interesting non-conventional model suitable for investigations of several fundamental biological phenomena in cellular physiology, morphogenesis, and genome maintenance. In this study, we provide a concise review on C. parapsilosis biology and highlight its interesting biological features. In addition, we summarize approaches for genetic manipulation, which have enhanced research on this species by overcoming limitations of conventional genetic analysis caused primarily by an apparent absence of a sexual cycle and the diploid state of its genome.