Thyroid hormones (TH) are iodinated compounds that are required for the normal growth, development and function of nearly all vertebrate tissues. They do this by modulating the expression of many genes that are tightly regulated in a specific tissue-and time-dependent fashion. The primary mechanism of TH action involves the binding of 3,5,3 0 -triiodothyronine (T 3 ) to its nuclear receptors in the context of regulatory TH response elements in target genes.In humans, the thyroid produces the pro-hormone thyroxine (T 4 ), and only about 20% of the active hormone, T 3 . T 4 is largely inactive until it is deiodinated to T 3 by the type 1 (D1) or 2 (D2) deiodinase. This reaction produces about 80% of the T 3 present in the circulation in healthy subjects. A third deiodinase, D3, exerts an opposing function, i.e. it catalyzes inner ring deiodination, thereby inactivating T 4 and T 3 . Given these functions, D3 is considered the major physiological inactivator and terminator of TH action at peripheral level.Why should we care about deiodinases and why they are so important? The role of deiodinases in TH homeostasis has become increasingly evident in the last 20 years, consequent to the cloning of the three members of the deiodinase family and generation of specific knock-out animals (Gereben et al. 2008, St Germain et al. 2009). Here, I present my perspective on the most important insights in this rapidly moving field.First, deiodinases are critical regulators of plasma T 3 concentrations. This is observed daily in thyroidectomized patients in whom L-T 4 therapy suffices to guarantee normal plasma T 3 levels. At a plasma level, deiodinases provide an important homeostatic mechanism, acting as the first line of defense when thyroid function is deranged or the supply of iodine is inadequate in order to maintain plasma T 4 or, at a minimum, plasma T 3 constant. It is not by chance that during hypothyroidism or iodine deficiency, the T 3 -producing enzyme D2 is upregulated, while levels of the inactivating enzyme D3 is decreased. An opposite regulation occurs during hyperthyroidism, due to the remarkable feature that T 4 itself is the most potent post-transcriptional inactivator of D2, while T 3 rapidly induces the D3 enzyme at transcriptional level. Thus, the actions of deiodinases are integrated in a homeostatic mechanism designed to maintain tissue T 3 content as normal as possible even in the face of altered serum hormone supplies.Second, deiodinases control TH action in a precise spatiotemporal fashion, according to the needs of selected tissues and cells. The T 4 concentration is generally quite stable in human plasma; even more stable is the T 3 concentration. During fetal development, when low plasma T 3 is necessary for the proper development and growth of fetal tissues, D3 is highly expressed in the placenta, the endometrium and in many embryonic tissues, with the consequence that free T 3 is almost ten-fold lower in fetal versus maternal plasma, while reverse T 3 is markedly increased.Deiodinases are also tigh...