Transient receptor potential (TRP) channels are regulated by a wide variety of physical and chemical factors. Recently, several members of the TRP channel family were reported to be regulated by phosphatidylinositol 4,5-bisphosphate (PtdIns(4,5)P(2), PIP(2)). This review will summarize the current knowledge on PIP(2) regulation of TRP channels and discuss the possibility that PIP(2) is a common regulator of mammalian TRP channels.