Calmodulin is a Ca2+ binding protein present in all eukaryotic cells that serves as the primary intracellular receptor for Ca2+. This 148 amino acid protein is involved in activation of more than 20 enzymes which mediate a wide variety of physiological processes. Many of these enzymes are inhibited in an intramolecular manner and the Ca(2+)-calmodulin complex relieves this inhibition. Calmodulin is essential for life as disruption of the gene in genetically tractable organisms is lethal. This protein plays important regulatory roles in cell proliferation and is required at multiple points in the cell cycle. The mechanism of enzyme activation by calmodulin and its importance in cell growth regulation are reviewed.