Melatonin is the time-keeping molecule of the organism. The production by the pineal organ is responsible for the diurnal and annual rhythms of plasma melatonin content. This contributes to synchronizing behavioural, biochemical and physiological processes to the environmental variations in photoperiod and temperature. Conservation and diversity characterize the melatonin system in vertebrates: conservation because its nocturnal pattern of production as well as its synchronizing properties are a constant; diversity because the modalities of its biosynthesis and modes of action have been profoundly modified in the course of evolution. This review summarizes our current knowledge on the targets and modes of action of melatonin in fish and comparisons are made with mammals.