The majority of the genomic DNA sequence in mammalian and other higher organisms can be transcribed into abundant functional RNA transcripts, especially regulatory non-coding RNAs (ncRNAs) that are expressed in a developmentally and species-specific regulated manner. Here, we review various regulatory non-coding RNAs, including regulatory small non-coding RNAs (sncRNAs) and long non-coding RNAs (lncRNAs), and summarize two and eight kinds of distinct modes of action for sncRNAs and lncRNAs respectively, by which functional ncRNAs mediate the regulation of intracellular events.