Telomerase is a ribonucleoprotein complex, the catalytic core of which includes the telomerase reverse transcriptase (TERT) and the non-coding human telomerase RNA (hTR), which serves as a template for the addition of telomeric repeats to chromosome ends. Telomerase expression is restricted in humans to certain cell types, and telomerase levels are tightly controlled in normal conditions. Increased levels of telomerase are found in the vast majority of human cancers, and we have recently begun to understand the mechanisms by which cancer cells increase telomerase activity. Conversely, germline mutations in telomerase-relevant genes that decrease telomerase function cause a range of genetic disorders, including dyskeratosis congenita, idiopathic pulmonary fibrosis and bone marrow failure. In this Review, we discuss the transcriptional regulation of human TERT, hTR processing, assembly of the telomerase complex, the cellular localization of telomerase and its recruitment to telomeres, and the regulation of telomerase activity. We also discuss the disease relevance of each of these steps of telomerase biogenesis. Telomeres comprise repetitive sequences at the ends of chromosomes that maintain the integrity of linear chromosomes. These chromosome ends must be distinguished from other types of linear DNA, such as broken DNA ends, which are destined for repair. Telomeric sequences are specifically bound by a set of proteins that together make up the shelterin complex (FIG. 1a). The shelterin complex serves to solve the end-protection problem, by preventing DNA repair responses generated to free DNA ends. These responses include activation of the DNA damage response and repair by non-homologous end-joining, alternative non-homologous end-joining or homologous recombination 1,2. To serve these functions, the protein subunits of shelterin recruit many other protein cofactors and, in recent years, mass spectrometry-based approaches have expanded the landscape of shelterinassociated proteins 3. A second critical problem at chromosome ends is telomere shortening, which occurs because the DNA polymerase that synthesizes DNA in the 5'-3' direction incompletely replicates the lagging strand, thereby causing gradual shortening of telomere