Genome‐wide transcriptional studies have demonstrated that tens of thousands of long non‐coding RNAs (lncRNA) genes are expressed in the central nervous system (CNS) and that they exhibit tissue‐ and cell‐type specificity. Their regulated and dynamic expression and their co‐expression with protein‐coding gene neighbours have led to the study of the functions of lncRNAs in CNS development and disorders. In this review, we describe the general characteristics, localization and classification of lncRNAs. We also elucidate the examples of the molecular mechanisms of nuclear and cytoplasmic lncRNA actions in the CNS and discuss common experimental approaches used to identify and unveil the functions of lncRNAs. Additionally, we provide examples of lncRNA studies of cell differentiation and CNS disorders including CNS injuries and neurodegenerative diseases. Finally, we review novel lncRNA‐based therapies. Overall, this review highlights the important biological roles of lncRNAs in CNS functions and disorders.