Ghrelin, an endogenous ligand for the growth-hormone-secretagogue receptor, was isolated from human and rat stomach. It is a 28-amino acid peptide with a posttranslational acyl modification that is indispensable for its activity. In addition to stimulating growth-hormone secretion, food intake, and body weight gain, ghrelin also plays a role in a variety of other systems, including circulation, digestion, and cell proliferation. This review will focus on the discovery, structural characteristics, tissue distribution, and physiological functions of ghrelin, as well as the regulation of its expression and secretion.