Ras proteins were identified through their association with cell transformation. Since then they have been shown to regulate cell growth, differentiation and apoptosis, as well as influencing processes such as cell migration and neuronal activity. Ras regulates a number of signalling molecules by translocating them to the plasma membrane for activation. An emerging concept is that Ras acts as a branchpoint in signal transduction because it orchestrates the activity of multiple signalling pathways to regulate diverse cellular functions. This implies a degree of selectivity in the ability of Ras to activate particular arms of each pathway, but the mechanisms by which this is achieved are not known. Ras is also an important regulator of immune function and in this review, we summarise current understanding of Ras regulation and function and discuss some new aspects of Ras signalling where understanding is less clear.