Cyclic phosphatidic acid (CPA) is a naturally occurring analog of the growth factor-like phospholipid mediator, lysophosphatidic acid (LPA). The sn-2 hydroxy group of CPA forms a 5-membered ring with the sn-3 phosphate. CPA affects numerous cellular functions, including anti-mitogenic regulation of the cell cycle, induction of stress fiber formation, inhibition of tumor cell invasion and metastasis, and regulation of differentiation and survival of neuronal cells. Interestingly, many of these cellular responses caused by CPA oppose those of LPA despite the activation of apparently overlapping receptor populations. Since the early 1990s, studies on CPA actions gradually developed, and we are now beginning to understand the importance of this lipid. In this review, we focus on the current knowledge about CPA, including enzymatic formation of CPA, unique biological activities and biological targets of CPA, and we also explore metabolically stabilized CPA analogs.