Peripheral benzodiazepine receptors (PBRs) have been identified in various peripheral tissues as well as in glial cells in the brain. This review describes the tissue and subcellular distribution of the PBR in mammalian tissues and analyzes its many putative endogenous ligands. It deals with the pharmacological, structural and molecular characterization of the PBR, the proteins associated with the receptor (VDAC, ANC, PRAX-1) and their roles in cell growth and differentiation, cancer, steroid biosynthesis, and other physiological roles.