The endocytic pathway of Leishmania parasites has recently come under intense research focus through the development of several markers for various compartments of this pathway. Through these studies a novel multivesicular tubule lysosome has been discovered in promastigote-stage parasites. This organelle has a highly dynamic role during parasite growth and differentiation. This review discusses recent insights into the Leishmania lysosome with respect to its organisation within the endocytic pathway, stage-specific functions, and biogenesis.