We develop a microspectral theory for quasinilpotent linear operators Q (i.e., those with σ(Q) = {0}) in a Banach space. When such Q is not compact, normal, or nilpotent, the classical spectral theory gives little information, and a somewhat deeper structure can be recovered from microspectral sets in C. Such sets describe, e.g., semigroup generation, resolvent properties, power boundedness as well as Tauberian properties associated to zQ for z ∈ C.1991 Mathematics Subject Classification. 47A10, 47B06, 47B10, 47B60.