A development of new strategies against telomerase-associated disorders, such as dyskeratosis congenita, aplastic anemia or cancer, relies on a detailed understanding of telomerase life cycle and the multiple layers of its regulation. Saccharomyces cerevisiae is a prime model to study telomerase function and it has already revealed many conserved pathways for telomerase biology. In this chapter, we review the current knowledge of the regulatory pathways that control telomerase function in budding yeast. In particular, we discuss the cell cycle-dependent assembly of telomerase and its recruitment to telomeres. We also focus on the mechanisms that target telomerase to short telomeres. Finally, we discuss possible pathways that inhibit telomerase function at DNA double-strand breaks, thus limiting deleterious de novo telomere addition events.