Mycolactone is a polyketide macrolide lipid-like secondary metabolite synthesised by Mycobacterium ulcerans, the causative agent of Buruli ulcer (BU), and is the only virulence factor for this pathogen identified to date. Prolonged exposure to high concentrations of mycolactone is cytotoxic to diverse mammalian cells (albeit with varying efficiency), whereas at lower doses it has a spectrum of immunosuppressive activities. Combined, these pleiotropic properties have a powerful influence on local and systemic cellular function that should explain the pathophysiology of BU disease. The past decade has seen significant advances in our understanding of the molecular mechanisms underlying these effects in a range of different cell types. This review will focus on the current state of our knowledge of mycolactone function, its molecular and cellular targets, seeking to identify commonalities between the different functional and cellular systems. Since mycolactone influences fundamental cellular processes (cell division, cell death, and inflammation), getting to the root of how mycolactone achieves this could have profound impact on our understanding of eukaryotic cell biology.