In 1996, B cell-derived exosome immunogenicity was first reported. In 1998, dendritic cell-derived exosomes were also shown to have immunogenic properties in mice, leading to tumour eradication. These observations showed for the first time that exosomes were bioactive vesicles with immuno-regulatory roles and potent antitumour effects. Exosomes are secreted vesicles formed in late endocytic compartments (multivesicular bodies). Vesicles exocytosed from multivesicular bodies into the extracellular medium are referred to as 'exosomes' and should not be confused with the more recently described 'ribonuclease complex' also named exosome. Exosomes are vesicles of 50-100 nm in diameter, formed by inward budding of the endosomal membrane in a process that sequesters particular proteins and lipids. This review will describe the biogenesis, the protein and lipid compositions, and the biological functions of exosomes; this review will also present their immunostimulatory functions in mice and humans, and will discuss their possible use as cancer vaccines.