Pri-miRNAs are transcribed from RNA polymerase II (RNAPII)-specific miRNA genes, from the intronic region of protein coding genes, or from polycistronic transcripts. In the first nuclear step, pri-miRNA is processed into a 70–100 nucleotide precursor hairpin (pre-miRNA) via the Drosha-DGCR8 complex. Pre-miRNA is transported to the cytoplasm through export machinery consisting of Exportin 5 and Ran-GTP. Here, the pre-miRNA is cleaved by another endoribonuclease, Dicer, in partnership with TRBP and Ago proteins, forming a ~20-bp miRNA: miRNA* duplex. After processing, one strand of the duplex is preferentially incorporated with the help of Ago2 into the RISC complex (miRISC), whereas the other “passenger” strand (miRNA*) gets degraded. (A) A few pre-miRNAs are processed directly from short introns (mirtrons), bypassing the Drosha-DGCR8 step. (B) A dicer-independent mechanism, miRNA being cleaved by Ago2 to form a mature miRNA. (C) Some miRNAs bind to the 5′-UTR of the target mRNA and lead to translational activation. (D) Full or near-full complementarity between miRNA and mRNA target facilitates miRISC-directed cleavage of the mRNA target. (E) With low complementarity, miRNA-mediated regulation is carried out by translational repression (E.1). This can occur pre- and/or post-initiation of translation leading to gene silencing. (E.2) Target mRNAs also can be stored in P-bodies, and mechanism reversed by re-entry into polysomes for translation. (F) In a RISC-independent decoy activity, miRNAs can directly bind to proteins, particularly RNA-binding proteins, making them unavailable for binding to their RNA targets.