1-Acyl-2-hydroxy(lyso)-sn-glycero-3-phosphate (lysophosphatidic acid, LPA) has attracted a lot of attention in recent years due to the wide range of its biological effects that span the phylogenetic tree from slime mold to human. LPA can be viewed as a pleiotropic phospholipid growth factor that utilizes the same signal transduction mechanisms as traditional polypeptide growth factors; however, LPA activates these mechanism via specific G protein-coupled receptors. The concentration of LPA in serum is in the high micromolar range, making it the most abundant mitogen/survival factor present in serum, one that is often unknowingly utilized in tissue culture. The present review gives a historical perspective and a critical analysis of the LPA literature with a special emphasis on the physiological implications of its effects.