Significant research efforts have focused on the transcriptional regulation of the catalytic protein component of telomerase, hTERT (human telomerase reverse transcriptase). However, increasing evidence indicates that regulation of hTERT is complex and not as simple as just flipping a switch. Although much remains to be learned about the regulation of telomerase, generation of full-length hTERT protein is likely to be the limiting step in the formation of active telomerase. Regulation of hTERT transcription, transport to the nucleus, assembly of the telomerase holoenzyme, recruitment of telomerase to the telomere, and the role of post-translational modifications of hTERT protein are areas of intense investigation. It is hoped that shedding light on these diverse areas of telomerase regulation will allow us to manipulate telomerase activity for therapeutic purposes.