Laboratory testing of serum amylase and/or lipase levels are central to the diagnosis of acute pancreatitis (AP) as these tests are quick, cheap, reliable and perhaps the only objective criteria available at the bedside at the time of initial presentation. It is important to understand the physiology and biochemistry of these tests in order to get a clear grasp of their diagnostic utility. Lipase is more specific than amylase and stays elevated longer than amylase due to its longer half-life in serum resulting from renal tubular reabsorbtion. There is no advantage of testing both lipase and amylase, as well as no advantage in serially trending them for monitoring the clinical progress of the patient. They have no role in determining the etiology or severity of acute pancreatitis. The American College of Gastroenterology (ACG) guidelines for the diagnosis and management of acute pancreatitis recommend using 3 times the upper limit of normal (ULN) as the cut off for diagnosis. These cut off levels appear to be quite arbitrary. If the clinical suspicion for acute pancreatitis is high, imaging studies should be performed to confirm or rule out the diagnosis of acute pancreatitis even with low elevation or no elevation of these enzymes. This article is a comprehensive review of the existing literature on serum lipase and amylase as diagnostic tools for AP and their cut off levels used for the diagnosis of AP.