Lysophospholipids have long been recognized as membrane phospholipid metabolites, but only recently has their role as intercellular signaling molecules been appreciated. Two of the best-studied lysophospholipids, LPA and S1P, signal through cognate G-protein-coupled receptors to activate many well-known intracellular signaling pathways, leading to a variety of biologically important cell responses. Lysophospholipids and their receptors have been found in a wide range of tissues and cell types, indicating their importance in many physiological processes, including reproduction, vascular development, cancer and nervous system function. This article will focus on the most recent findings regarding the biological functions of lysophospholipids in mammalian systems, specifically as they relate to health and disease.