Serotonin was first discovered in the gut, and its conventional actions as an intercellular signaling molecule in the intrinsic and extrinsic enteric reflexes are well recognized, as are a number of serotonin signaling pharmacotherapeutic targets for treatment of nausea, diarrhea, or constipation. Recent discoveries have greatly broadened our understanding of non-conventional actions of peripheral serotonin within the GI tract and in a number of other tissues. For example, it is now clear that bacteria within the lumen of the bowel influence serotonin synthesis and release by enterochromaffin cells. Also, serotonin can act both as a pro- and anti-inflammatory signaling molecule in the intestinal mucosa via activation of 5-HT7 or 5-HT4 receptors, respectively. For decades, serotonin receptors have been known to exist in a variety of tissues outside of the gut, but recent studies have provided strong evidence for physiological roles of serotonin in several important processes, including hematopoiesis, metabolic homeostasis, and bone metabolism. Furthermore, there is emerging evidence for serotonin synthesis in peripheral tissues outside of the gut. In this review, we expand the discussion beyond GI functions to highlight the roles of peripheral serotonin in colitis, hematopoiesis, energy and bone metabolism, and how serotonin is influenced by the gut microbiome.