Thyroid carcinoma is the most common endocrine malignancy, and the incidence of thyroid carcinoma has been progressively increasing. Most thyroid carcinomas contain one of a small number of mutually exclusive driver mutations, such as BRAFV600E, RAS mutations, RET gene fusions, or PAX8/PPARG gene fusions. The PAX8/PPARG gene fusion results in production of a PAX8-PPARγ fusion protein, denoted PPFP, and is found in ~30 – 35% of follicular thyroid carcinomas as well as a subset of follicular variant of papillary thyroid carcinomas. In vitro and in vivo evidence indicate that PPFP can act as an oncoprotein. Although the specific mechanism of PPFP action is yet to be defined, PPFP is considered to act as a dominant negative inhibitor of wild type PPARγ and/or as a unique transcriptional activator of subsets of PPARγ and PAX8 responsive genes. Detection of the fusion transcript in thyroid nodule biopsy specimens can aid clinical decision-making when cytological analyses are indeterminate. The PPARγ agonist pioglitazone is highly therapeutic in a transgenic mouse model of PPFP thyroid carcinoma, suggesting that PPARγ agonists may be therapeutic in patients with PPFP thyroid carcinomas.