The main function of the corpus luteum (CL) is to synthesize and secrete progesterone (P4), which regulates the duration of the estrous cycle and maintains of pregnancy in many species. Both synthesis and action of this hormone is regulated by many luteotropic and luteolytic factors. Progesterone also affects its own synthesis by regulation of the activity and genes expression of crucial enzymes which control steroidogenesis. The physiological effect of P4 on luteal cells is mediated through the nuclear receptor which occurs in two specific A and B receptor isoforms and also by non-genomic pathways. The nature of non-genomic action of P4 has not been fully understood. It is possible that P4 can temporarily impair binding of oxytocin to its receptor or it can bind one of the three potential membrane receptors. It is assumed that one of these proteins, progesterone receptor membrane component 1 may be involved in regulation of CL function and it can participate in protecting bovine CL against luteolysis. This review summarize the data involving the molecular regulation of P4 synthesis, its intracellular and membrane receptor and the genomic and non-genomic action in the bovine CL.